Maryland State Retirement & Pension System Has $879,000 Stock Position in Amcor PLC $AMCR

Maryland State Retirement & Pension System reduced its holdings in shares of Amcor PLC (NYSE:AMCR) by 80.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,120 shares of the company’s stock after selling 88,482 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Amcor were worth $879,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AdvisorNet Financial Inc bought a new stake in shares of Amcor in the first quarter worth $25,000. DV Equities LLC bought a new position in Amcor in the fourth quarter valued at $27,000. Brown Lisle Cummings Inc. increased its stake in Amcor by 137.9% in the 4th quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company’s stock valued at $29,000 after buying an additional 2,000 shares during the last quarter. Larson Financial Group LLC increased its stake in Amcor by 46.1% in the 4th quarter. Larson Financial Group LLC now owns 3,985 shares of the company’s stock valued at $33,000 after buying an additional 1,257 shares during the last quarter. Finally, N.E.W. Advisory Services LLC lifted its position in Amcor by 10.1% during the 4th quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock worth $34,000 after buying an additional 373 shares in the last quarter. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on AMCR. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Amcor in a research note on Wednesday, April 1st. They set a “buy” rating and a $50.00 price objective for the company. Wells Fargo & Company set a $43.00 target price on Amcor and gave the stock an “equal weight” rating in a report on Wednesday. JPMorgan Chase & Co. reduced their price target on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, BMO Capital Markets assumed coverage on Amcor in a research note on Thursday. They set a “market perform” rating and a $47.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.40.

Amcor Stock Up 3.4%

AMCR opened at $44.88 on Friday. Amcor PLC has a 1-year low of $36.25 and a 1-year high of $50.94. The stock’s fifty day simple moving average is $40.57 and its 200 day simple moving average is $42.17. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30. The stock has a market cap of $20.75 billion, a PE ratio of 31.38, a price-to-earnings-growth ratio of 1.36 and a beta of 0.62.

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

Amcor Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were issued a dividend of $0.65 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 5.8%. Amcor’s payout ratio is presently 181.82%.

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.