Northeast Investment Management Trims Stock Holdings in Amcor PLC $AMCR

Northeast Investment Management reduced its holdings in shares of Amcor PLC (NYSE:AMCR) by 80.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 49,700 shares of the company’s stock after selling 199,300 shares during the period. Northeast Investment Management’s holdings in Amcor were worth $1,976,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of AMCR. N.E.W. Advisory Services LLC grew its holdings in shares of 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 purchasing an additional 373 shares during the last quarter. CYBER HORNET ETFs LLC grew its stake in Amcor by 11.1% in the 4th quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company’s stock worth $37,000 after acquiring an additional 447 shares in the last quarter. FineMark National Bank & Trust increased its position in shares of Amcor by 0.6% during the fourth quarter. FineMark National Bank & Trust now owns 80,503 shares of the company’s stock worth $671,000 after acquiring an additional 503 shares during the period. United Asset Strategies Inc. raised its stake in shares of Amcor by 1.6% during the fourth quarter. United Asset Strategies Inc. now owns 38,453 shares of the company’s stock valued at $321,000 after acquiring an additional 597 shares in the last quarter. Finally, AdvisorNet Financial Inc purchased a new stake in shares of Amcor in the first quarter valued at approximately $25,000. Institutional investors own 45.14% of the company’s stock.

Amcor Price Performance

AMCR opened at $42.78 on Friday. The business’s 50-day moving average is $39.40 and its two-hundred day moving average is $41.93. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. The firm has a market capitalization of $19.78 billion, a PE ratio of 29.92, a price-to-earnings-growth ratio of 1.26 and a beta of 0.64.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting 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 during the quarter, compared to analyst estimates of $5.71 billion. During the same period in the prior year, the firm posted $0.90 earnings per share. The company’s quarterly revenue was up 77.4% on a year-over-year basis. Research analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 6.1%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s payout ratio is currently 181.82%.

Wall Street Analyst Weigh In

AMCR has been the topic of several research reports. Citigroup reduced their price objective on Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wells Fargo & Company set a $41.00 target price on shares of Amcor and gave the stock an “equal weight” rating in a report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft began coverage on shares of Amcor in a report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price target for the company. Finally, 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 research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.33.

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.