The Manufacturers Life Insurance Company Sells 1,110,029 Shares of Amcor PLC $AMCR

The Manufacturers Life Insurance Company cut its holdings in Amcor PLC (NYSE:AMCR) by 82.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 236,174 shares of the company’s stock after selling 1,110,029 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of Amcor worth $9,388,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. State Street Corp lifted its holdings in Amcor by 1.7% in the 4th quarter. State Street Corp now owns 141,509,581 shares of the company’s stock worth $1,180,190,000 after buying an additional 2,432,340 shares during the period. M&G PLC increased its stake in shares of Amcor by 6.1% during the fourth quarter. M&G PLC now owns 114,989,595 shares of the company’s stock valued at $919,917,000 after buying an additional 6,655,611 shares during the period. Vanguard Group Inc. increased its stake in shares of Amcor by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company’s stock valued at $945,222,000 after buying an additional 1,845,627 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Amcor by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 84,095,399 shares of the company’s stock valued at $701,356,000 after acquiring an additional 2,036,667 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Amcor by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 64,202,708 shares of the company’s stock valued at $533,487,000 after acquiring an additional 262,418 shares in the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on AMCR shares. BMO Capital Markets initiated coverage on shares of Amcor in a report on Thursday, July 16th. They issued a “market perform” rating and a $47.00 price target on the stock. Jefferies Financial Group set a $44.92 target price on shares of Amcor and gave the stock a “hold” rating in a research report on Tuesday, July 21st. Bank of America lifted their target price on shares of Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Wells Fargo & Company set a $43.00 price target on shares of Amcor and gave the company an “equal weight” rating in a research report on Wednesday, July 15th. Finally, Citigroup decreased their price target on shares of Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a research note on Friday, May 8th. One equities 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.08.

Amcor Price Performance

Shares of AMCR stock opened at $46.05 on Tuesday. The stock has a market cap of $21.29 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 1.41 and a beta of 0.62. The business’s fifty day moving average is $42.04 and its 200 day moving average is $42.34. Amcor PLC has a twelve month low of $36.25 and a twelve month high of $50.94. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30.

Amcor (NYSE:AMCR) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting the consensus estimate of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The business had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same quarter last year, the firm posted $0.90 earnings per share. The company’s revenue for the quarter was up 77.4% on a year-over-year basis. Research analysts expect that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s dividend payout ratio (DPR) is 181.82%.

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.