Amcor plc (NYSE:AMCR) Stake Reduced by Forsta AP Fonden

Forsta AP Fonden lessened its stake in shares of Amcor plc (NYSE:AMCR - Free Report) by 26.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 663,000 shares of the company's stock after selling 233,500 shares during the quarter. Forsta AP Fonden's holdings in Amcor were worth $7,512,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. increased its position in Amcor by 40.6% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 743,325 shares of the company's stock worth $7,069,000 after purchasing an additional 214,458 shares in the last quarter. Empowered Funds LLC boosted its stake in Amcor by 244.2% in the 1st quarter. Empowered Funds LLC now owns 103,655 shares of the company's stock worth $986,000 after buying an additional 73,541 shares during the last quarter. M&G Plc boosted its stake in Amcor by 2,741.7% in the 2nd quarter. M&G Plc now owns 47,164,358 shares of the company's stock worth $471,644,000 after buying an additional 45,504,608 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its stake in Amcor by 236.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,648,279 shares of the company's stock worth $15,675,000 after buying an additional 1,157,878 shares during the last quarter. Finally, SteelPeak Wealth LLC acquired a new stake in Amcor in the 2nd quarter worth about $781,000. Hedge funds and other institutional investors own 45.14% of the company's stock.

Wall Street Analyst Weigh In

AMCR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on Amcor from $10.00 to $11.10 and gave the stock an "overweight" rating in a research note on Tuesday, August 13th. Stifel Nicolaus initiated coverage on Amcor in a research note on Tuesday, July 9th. They issued a "hold" rating and a $10.80 price objective on the stock. Robert W. Baird lifted their price objective on Amcor from $10.00 to $11.00 and gave the company a "neutral" rating in a research note on Friday, August 16th. Citigroup lifted their price objective on Amcor from $10.00 to $11.00 and gave the company a "neutral" rating in a research note on Tuesday, August 20th. Finally, Wells Fargo & Company lifted their price objective on Amcor from $10.50 to $10.80 and gave the company an "equal weight" rating in a research note on Tuesday, October 15th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $10.78.

Amcor Stock Down 1.4 %

AMCR stock traded down $0.15 during midday trading on Tuesday, hitting $10.93. 5,299,812 shares of the company's stock were exchanged, compared to its average volume of 8,775,782. The company has a current ratio of 1.17, a quick ratio of 0.69 and a debt-to-equity ratio of 1.67. Amcor plc has a 12-month low of $8.59 and a 12-month high of $11.48. The firm has a 50 day moving average price of $11.14 and a 200-day moving average price of $10.37. The stock has a market capitalization of $15.80 billion, a price-to-earnings ratio of 24.29, a price-to-earnings-growth ratio of 2.72 and a beta of 0.85.

Amcor (NYSE:AMCR - Get Free Report) last posted its quarterly earnings data on Thursday, August 15th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.21. Amcor had a return on equity of 25.45% and a net margin of 5.35%. The company had revenue of $3.54 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the business earned $0.19 EPS. Amcor's revenue for the quarter was down 3.8% compared to the same quarter last year. On average, analysts anticipate that Amcor plc will post 0.75 EPS for the current year.

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Friday, September 6th were issued a $0.125 dividend. The ex-dividend date was Friday, September 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.57%. Amcor's dividend payout ratio (DPR) is 111.11%.

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.