Amcor plc (NYSE:AMCR) Shares Sold by Meritage Portfolio Management

Meritage Portfolio Management reduced its holdings in Amcor plc (NYSE:AMCR) by 4.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 346,120 shares of the company’s stock after selling 15,943 shares during the quarter. Meritage Portfolio Management’s holdings in Amcor were worth $3,922,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Rise Advisors LLC purchased a new position in shares of Amcor during the 3rd quarter worth about $35,000. ORG Wealth Partners LLC purchased a new position in Amcor during the third quarter worth approximately $35,000. Quent Capital LLC boosted its holdings in shares of Amcor by 51.8% in the 2nd quarter. Quent Capital LLC now owns 3,638 shares of the company’s stock valued at $36,000 after purchasing an additional 1,241 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Amcor by 132.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,416 shares of the company’s stock valued at $39,000 after buying an additional 2,519 shares during the period. Finally, UMB Bank n.a. increased its holdings in shares of Amcor by 38.7% during the 2nd quarter. UMB Bank n.a. now owns 4,656 shares of the company’s stock worth $46,000 after buying an additional 1,299 shares during the last quarter. 45.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AMCR. Citigroup lifted their target price on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Wells Fargo & Company boosted their target price on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Robert W. Baird raised their price target on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a research note on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Amcor currently has a consensus rating of “Hold” and a consensus target price of $10.94.

Amcor Stock Performance

Amcor stock opened at $10.22 on Monday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.29 and a quick ratio of 0.42. The firm’s fifty day moving average price is $11.03 and its 200 day moving average price is $10.46. The company has a market capitalization of $14.77 billion, a price-to-earnings ratio of 19.28, a price-to-earnings-growth ratio of 1.83 and a beta of 0.85. Amcor plc has a 12-month low of $8.78 and a 12-month high of $11.48.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.16. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the previous year, the firm earned $0.16 earnings per share. The business’s revenue was down 2.6% compared to the same quarter last year. On average, research analysts forecast that Amcor plc will post 0.74 EPS for the current fiscal year.

Amcor Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st will be issued a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a yield of 4.99%. The ex-dividend date is Thursday, November 21st. This is an increase from Amcor’s previous quarterly dividend of $0.13. Amcor’s payout ratio is currently 96.23%.

Amcor Company 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.