Wealth Alliance LLC Reduces Holdings in Amcor PLC $AMCR

Wealth Alliance LLC reduced its position in Amcor PLC (NYSE:AMCR) by 55.5% in the 1st quarter, Holdings Channel reports. The firm owned 31,419 shares of the company’s stock after selling 39,138 shares during the quarter. Wealth Alliance LLC’s holdings in Amcor were worth $1,249,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Amcor by 8.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock valued at $2,596,000 after buying an additional 20,757 shares during the last quarter. Focus Partners Wealth lifted its stake in shares of Amcor by 11.3% in the first quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock worth $418,000 after buying an additional 4,396 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Amcor during the second quarter worth about $138,000. Arrowstreet Capital Limited Partnership acquired a new position in Amcor during the second quarter worth about $6,426,000. Finally, CW Advisors LLC purchased a new stake in Amcor during the 2nd quarter valued at about $228,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Stock Up 4.6%

Shares of AMCR opened at $44.60 on Friday. The company’s 50-day moving average price is $41.11 and its 200 day moving average price is $42.23. Amcor PLC has a 12-month low of $36.25 and a 12-month high of $50.94. 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 firm has a market cap of $20.62 billion, a P/E ratio of 31.19, a price-to-earnings-growth ratio of 1.40 and a beta of 0.62.

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

Amcor Announces Dividend

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 $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 5.8%. The ex-dividend date was Thursday, May 28th. Amcor’s dividend payout ratio (DPR) is 181.82%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Amcor in a research note on Wednesday, April 1st. They issued a “buy” rating and a $50.00 target price on the stock. JPMorgan Chase & Co. cut their price target on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Truist Financial reissued a “buy” rating and set a $51.00 price objective (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Finally, Citigroup dropped their target price on Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.