Amcor PLC $AMCR Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System trimmed its holdings in shares of Amcor PLC (NYSE:AMCR) by 80.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 125,634 shares of the company’s stock after selling 503,542 shares during the quarter. State of Michigan Retirement System’s holdings in Amcor were worth $4,994,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Dakota Wealth Management lifted its holdings in shares of Amcor by 74.6% during the fourth quarter. Dakota Wealth Management now owns 345,449 shares of the company’s stock worth $2,881,000 after purchasing an additional 147,639 shares during the period. PFG Investments LLC purchased a new stake in Amcor in the fourth quarter valued at approximately $262,000. Vanguard Group Inc. increased its holdings in Amcor by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company’s stock worth $945,222,000 after buying an additional 1,845,627 shares during the period. Code Waechter LLC raised its position in Amcor by 105.1% during the 4th quarter. Code Waechter LLC now owns 54,113 shares of the company’s stock worth $451,000 after buying an additional 27,725 shares during the last quarter. Finally, Nordea Investment Management AB raised its position in Amcor by 64.0% during the 4th quarter. Nordea Investment Management AB now owns 242,866 shares of the company’s stock worth $2,034,000 after buying an additional 94,753 shares during the last quarter. 45.14% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AMCR has been the topic of several recent research reports. Weiss Ratings raised shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. BMO Capital Markets began coverage on shares of Amcor in a report on Thursday. They set a “market perform” rating and a $47.00 target price for the company. Wells Fargo & Company set a $43.00 target price on shares of Amcor and gave the company an “equal weight” rating in a research report on Wednesday. JPMorgan Chase & Co. lowered their price target 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. Finally, Citigroup reduced their price objective on Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $48.40.

Amcor Stock Up 3.4%

AMCR opened at $44.88 on Friday. The company has a fifty day moving average of $40.57 and a two-hundred day moving average of $42.17. The stock has a market capitalization of $20.75 billion, a price-to-earnings ratio of 31.38, a PEG ratio of 1.36 and a beta of 0.62. Amcor PLC has a fifty-two week low of $36.25 and a fifty-two week high of $50.94. 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 (NYSE:AMCR) last posted its 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. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The business had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same period in the prior year, the company posted $0.90 EPS. The company’s revenue for the quarter was up 77.4% on a year-over-year basis. On average, research analysts expect that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Dividend Announcement

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

About Amcor

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.