Bessemer Group Inc. Cuts Stock Position in Amcor PLC $AMCR

Bessemer Group Inc. decreased its holdings in shares of Amcor PLC (NYSE:AMCR) by 86.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,284 shares of the company’s stock after selling 14,002 shares during the quarter. Bessemer Group Inc.’s holdings in Amcor were worth $91,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of AMCR. AdvisorNet Financial Inc bought a new stake in Amcor in the first quarter worth $25,000. DV Equities LLC bought a new position in Amcor during the 4th quarter valued at about $27,000. Brown Lisle Cummings Inc. grew its holdings in Amcor by 137.9% during 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 during the last quarter. Larson Financial Group LLC raised its position in Amcor by 46.1% in the 4th quarter. Larson Financial Group LLC now owns 3,985 shares of the company’s stock worth $33,000 after purchasing an additional 1,257 shares during the period. Finally, N.E.W. Advisory Services LLC raised its position in Amcor by 10.1% in the 4th quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock worth $34,000 after purchasing an additional 373 shares during the period. Institutional investors own 45.14% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on AMCR shares. 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. Bank of America raised their price target on Amcor from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. BMO Capital Markets assumed coverage on Amcor in a report on Thursday, July 16th. They set a “market perform” rating and a $47.00 price objective for the company. Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, JPMorgan Chase & Co. reduced their target price on Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. 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 MarketBeat.com, Amcor currently has a consensus rating of “Moderate Buy” and an average price target of $48.08.

Amcor Trading Up 1.6%

Shares of NYSE AMCR opened at $45.27 on Tuesday. Amcor PLC has a twelve month low of $36.25 and a twelve month high of $50.94. The firm has a market cap of $20.93 billion, a PE ratio of 31.66, a price-to-earnings-growth ratio of 1.40 and a beta of 0.62. The business has a fifty day simple moving average of $41.27 and a two-hundred day simple moving average of $42.25. 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 posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the prior year, the company earned $0.90 EPS. The business’s revenue was up 77.4% compared to the same quarter last year. Analysts expect that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s dividend payout ratio is presently 181.82%.

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.