Citigroup Inc. Reduces Position in Amcor plc (NYSE:AMCR)

Citigroup Inc. reduced its position in shares of Amcor plc (NYSE:AMCR) by 5.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,388,803 shares of the company’s stock after selling 86,054 shares during the period. Citigroup Inc.’s holdings in Amcor were worth $15,735,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its stake in Amcor by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 43,190,458 shares of the company’s stock valued at $489,348,000 after purchasing an additional 1,960,308 shares during the last quarter. Blackhawk Capital Partners LLC. grew its position in shares of Amcor by 3.9% in the 3rd quarter. Blackhawk Capital Partners LLC. now owns 190,460 shares of the company’s stock valued at $2,158,000 after buying an additional 7,167 shares during the last quarter. West Family Investments Inc. acquired a new stake in Amcor during the 3rd quarter worth $132,000. Thrivent Financial for Lutherans lifted its position in Amcor by 1.9% in the third quarter. Thrivent Financial for Lutherans now owns 163,234 shares of the company’s stock valued at $1,850,000 after acquiring an additional 3,019 shares during the last quarter. Finally, Claro Advisors LLC acquired a new position in Amcor in the third quarter valued at $152,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Macquarie upgraded Amcor from a “neutral” rating to an “outperform” rating in a research report on Wednesday. Robert W. Baird increased their price target on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Friday, August 16th. Wells Fargo & Company boosted their price objective on shares of Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Citigroup raised their target price on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, JPMorgan Chase & Co. boosted their price target 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 equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $10.94.

Amcor Price Performance

Shares of NYSE:AMCR opened at $10.50 on Thursday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.74 and a current ratio of 1.29. The business’s fifty day moving average price is $10.82 and its two-hundred day moving average price is $10.51. The stock has a market cap of $15.17 billion, a PE ratio of 19.80, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85. Amcor plc has a one year low of $8.78 and a one year high of $11.48.

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

Amcor Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Thursday, November 21st will be given a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a dividend yield of 4.86%. The ex-dividend date of this dividend is Thursday, November 21st. This is a positive change from Amcor’s previous quarterly dividend of $0.13. Amcor’s payout ratio is currently 96.23%.

Amcor 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.