Amcor (NYSE:AMCR) Trading Down 6.5% – Here’s Why

Amcor PLC (NYSE:AMCR)’s share price traded down 6.5% during mid-day trading on Wednesday . The stock traded as low as $41.73 and last traded at $41.5470. Approximately 717,796 shares traded hands during trading, a decline of 86% from the average daily volume of 5,157,742 shares. The stock had previously closed at $44.45.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Citigroup cut their price objective on shares of Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Truist Financial restated a “buy” rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Wells Fargo & Company set a $41.00 target price on shares of Amcor and gave the stock an “equal weight” rating in a research note on Wednesday, May 20th. JPMorgan Chase & Co. cut their price target on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Amcor in a research note on Wednesday, April 1st. They set a “buy” rating and a $50.00 price target on the stock. One 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 stock. Based on data from MarketBeat, Amcor currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.00.

Amcor Stock Performance

The company has a market cap of $19.75 billion, a price-to-earnings ratio of 29.87, a P/E/G ratio of 1.18 and a beta of 0.62. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30. The stock’s 50 day moving average price is $40.10 and its 200 day moving average price is $42.10.

Amcor (NYSE:AMCR) last released 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 analysts’ expectations of $5.71 billion. During the same period last year, the company earned $0.90 earnings per share. The company’s quarterly revenue was up 77.4% on a year-over-year basis. On average, analysts expect that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. AdvisorNet Financial Inc purchased a new stake in Amcor during the first quarter valued at about $25,000. Bangor Savings Bank purchased a new position in shares of Amcor in the 2nd quarter worth about $26,000. Western Wealth Management LLC purchased a new position in shares of Amcor in the 1st quarter worth about $27,000. DV Equities LLC acquired a new position in shares of Amcor in the 4th quarter valued at about $27,000. Finally, Brown Lisle Cummings Inc. lifted its stake in shares of Amcor by 137.9% in the 4th quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company’s stock valued at $29,000 after purchasing an additional 2,000 shares in the last quarter. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Company 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.