First Citizens Bank & Trust Co. Reduces Position in Amcor PLC $AMCR

First Citizens Bank & Trust Co. lessened its holdings in shares of Amcor PLC (NYSE:AMCR) by 73.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 383,195 shares of the company’s stock after selling 1,076,398 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Amcor were worth $15,232,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of AMCR. XY Capital Ltd purchased a new position in shares of Amcor in the first quarter worth about $4,532,000. ABN Amro Investment Solutions purchased a new stake in shares of Amcor during the 1st quarter valued at approximately $614,000. Oslo Pensjonsforsikring AS purchased a new stake in shares of Amcor during the 1st quarter valued at approximately $205,000. Summit Global Investments bought a new position in Amcor in the 1st quarter worth approximately $242,000. Finally, Parallel Advisors LLC bought a new position in Amcor in the 1st quarter worth approximately $183,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Price Performance

Shares of NYSE:AMCR opened at $43.48 on Wednesday. The company has a 50 day moving average of $40.79 and a 200 day moving average of $42.20. The stock has a market cap of $20.10 billion, a P/E ratio of 30.41, a P/E/G ratio of 1.36 and a beta of 0.62. Amcor PLC has a 12 month low of $36.25 and a 12 month high of $50.94. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30.

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. The business had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.71 billion. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The business’s revenue for the quarter was up 77.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.90 EPS. As a group, sell-side analysts forecast that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The firm also recently disclosed 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 dividend yield of 6.0%. The ex-dividend date was Thursday, May 28th. Amcor’s dividend payout ratio (DPR) is 181.82%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AMCR. BMO Capital Markets began coverage on shares of Amcor in a report on Thursday, July 16th. They set a “market perform” rating and a $47.00 target price on the stock. Jefferies Financial Group set a $44.92 target price on Amcor in a research report on Tuesday. Bank of America raised their price target on Amcor from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Citigroup reduced their price target on Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Finally, Truist Financial reiterated a “buy” rating and set a $51.00 price objective (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Amcor currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.08.

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.