Amcor PLC $AMCR Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its stake in Amcor PLC (NYSE:AMCR) by 81.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,989 shares of the company’s stock after selling 98,280 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Amcor were worth $895,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Amcor by 8.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock worth $2,596,000 after acquiring an additional 20,757 shares during the period. Focus Partners Wealth boosted its position in Amcor by 11.3% during the first quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock worth $418,000 after purchasing an additional 4,396 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Amcor during the second quarter worth $138,000. Arrowstreet Capital Limited Partnership acquired a new stake in Amcor in the second quarter valued at $6,426,000. Finally, CW Advisors LLC acquired a new stake in Amcor in the second quarter valued at $228,000. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Price Performance

AMCR opened at $45.27 on Tuesday. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. The company’s 50 day simple moving average is $41.27 and its 200 day simple moving average is $42.25. The stock has a market capitalization of $20.93 billion, a PE ratio of 31.66, a P/E/G ratio of 1.40 and a beta of 0.62. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44.

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

Amcor Dividend Announcement

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

Analysts Set New Price Targets

AMCR has been the subject of several research reports. Citigroup cut their price target on Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Bank of America lifted their price objective on Amcor from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. BMO Capital Markets began coverage on shares of Amcor in a research note on Thursday, July 16th. They issued a “market perform” rating and a $47.00 target price for the company. Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Truist Financial reissued a “buy” rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $48.08.

About Amcor

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.