Amcor PLC $AMCR Stake Lowered by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA trimmed its stake in shares of Amcor PLC (NYSE:AMCR) by 80.3% during the first quarter, Holdings Channel reports. The firm owned 198,149 shares of the company’s stock after selling 807,125 shares during the period. Pictet Asset Management Holding SA’s holdings in Amcor were worth $7,876,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. AdvisorNet Financial Inc acquired a new position in Amcor during the 1st quarter valued at approximately $25,000. DV Equities LLC bought a new position in Amcor during the 4th quarter worth $27,000. Brown Lisle Cummings Inc. increased its position in Amcor by 137.9% in the fourth quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company’s stock worth $29,000 after buying an additional 2,000 shares during the period. Larson Financial Group LLC increased its position in Amcor by 46.1% in the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company’s stock worth $33,000 after buying an additional 1,257 shares during the period. Finally, N.E.W. Advisory Services LLC increased its position in Amcor by 10.1% in the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock worth $34,000 after buying an additional 373 shares during the period. Institutional investors own 45.14% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AMCR. Citigroup reduced their price target on shares of Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a report on Friday, May 8th. JPMorgan Chase & Co. dropped their price objective on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. Wells Fargo & Company set a $41.00 price objective on shares of Amcor and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. Weiss Ratings raised shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Truist Financial restated a “buy” rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Amcor has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

Amcor Trading Down 0.0%

Shares of AMCR stock opened at $44.98 on Friday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. The stock has a fifty day moving average of $39.75 and a two-hundred day moving average of $42.04. The firm has a market capitalization of $20.80 billion, a PE ratio of 31.46, a price-to-earnings-growth ratio of 1.27 and a beta of 0.62.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.96. The company had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The company’s revenue for the quarter was up 77.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.90 earnings per share. As a group, research analysts expect that Amcor PLC will post 3.97 EPS for the current year.

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date was Thursday, May 28th. Amcor’s dividend payout ratio is currently 181.82%.

Amcor Profile

Amcor (NYSE: AMCR) is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company’s product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor’s packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.