Prudential Financial Inc. Reduces Stock Position in Amcor plc (NYSE:AMCR)

Prudential Financial Inc. reduced its stake in Amcor plc (NYSE:AMCR - Free Report) by 16.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 173,811 shares of the company's stock after selling 33,754 shares during the quarter. Prudential Financial Inc.'s holdings in Amcor were worth $1,776,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. FMR LLC lifted its stake in shares of Amcor by 5.6% during the third quarter. FMR LLC now owns 2,389,346 shares of the company's stock worth $27,071,000 after buying an additional 126,844 shares during the period. Public Sector Pension Investment Board lifted its position in Amcor by 13.3% during the 3rd quarter. Public Sector Pension Investment Board now owns 62,922 shares of the company's stock worth $713,000 after acquiring an additional 7,400 shares during the period. Benjamin Edwards Inc. purchased a new stake in Amcor during the 3rd quarter valued at about $508,000. Centiva Capital LP acquired a new position in shares of Amcor in the third quarter valued at about $1,083,000. Finally, Hilltop Holdings Inc. increased its holdings in shares of Amcor by 105.7% in the third quarter. Hilltop Holdings Inc. now owns 41,088 shares of the company's stock valued at $466,000 after purchasing an additional 21,117 shares during the period. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Achal Agarwal purchased 10,000 shares of the stock in a transaction dated Thursday, February 27th. The shares were purchased at an average cost of $10.10 per share, with a total value of $101,000.00. Following the completion of the purchase, the director now directly owns 88,967 shares of the company's stock, valued at approximately $898,566.70. The trade was a 12.66 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.60% of the company's stock.

Remove Ads

Amcor Price Performance

NYSE AMCR traded up $0.47 during trading hours on Wednesday, reaching $9.04. The company's stock had a trading volume of 51,961,571 shares, compared to its average volume of 14,164,603. The firm has a market capitalization of $13.07 billion, a price-to-earnings ratio of 16.44, a P/E/G ratio of 1.96 and a beta of 0.78. The company's 50-day moving average is $9.82 and its two-hundred day moving average is $10.12. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.26 and a quick ratio of 0.71. Amcor plc has a 1-year low of $8.30 and a 1-year high of $11.48.

Amcor (NYSE:AMCR - Get Free Report) last announced its earnings results on Tuesday, February 4th. The company reported $0.16 earnings per share for the quarter, hitting the consensus estimate of $0.16. The business had revenue of $3.24 billion during the quarter, compared to the consensus estimate of $3.33 billion. Amcor had a return on equity of 26.14% and a net margin of 5.89%. The business's quarterly revenue was down .3% on a year-over-year basis. During the same period in the prior year, the company posted $0.09 EPS. On average, equities analysts predict that Amcor plc will post 0.74 EPS for the current year.

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Wednesday, February 26th were paid a dividend of $0.1275 per share. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.64%. Amcor's dividend payout ratio is currently 92.73%.

Analysts Set New Price Targets

AMCR has been the topic of a number of recent research reports. Citigroup upgraded Amcor from a "neutral" rating to a "buy" rating and upped their target price for the company from $11.00 to $12.00 in a research report on Monday, January 6th. Truist Financial upgraded shares of Amcor from a "hold" rating to a "buy" rating and increased their price objective for the stock from $10.00 to $12.00 in a research note on Monday, January 6th. Bank of America upgraded shares of Amcor from an "underperform" rating to a "buy" rating and set a $12.50 target price for the company in a research report on Wednesday, December 11th. Jefferies Financial Group raised Amcor from a "hold" rating to a "buy" rating in a research report on Monday, February 3rd. Finally, UBS Group raised Amcor from a "hold" rating to a "strong-buy" rating in a report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $11.46.

Amcor Profile

Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company operates through two segments, Flexibles and Rigid Packaging. The Flexibles segment provides flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.