Assenagon Asset Management S.A. Lowers Position in Amcor plc (NYSE:AMCR)

Assenagon Asset Management S.A. reduced its position in shares of Amcor plc (NYSE:AMCR) by 3.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 36,804 shares of the company’s stock after selling 1,184 shares during the period. Assenagon Asset Management S.A.’s holdings in Amcor were worth $360,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. SteelPeak Wealth LLC acquired a new stake in shares of Amcor in the 2nd quarter valued at approximately $781,000. ORG Partners LLC acquired a new position in shares of Amcor during the 2nd quarter worth $47,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Amcor by 3.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 414,564 shares of the company’s stock valued at $4,054,000 after purchasing an additional 15,416 shares in the last quarter. M&G Plc lifted its stake in shares of Amcor by 2,741.7% in the second quarter. M&G Plc now owns 47,164,358 shares of the company’s stock valued at $471,644,000 after purchasing an additional 45,504,608 shares during the period. Finally, Czech National Bank boosted its holdings in Amcor by 8.3% during the second quarter. Czech National Bank now owns 275,423 shares of the company’s stock worth $2,694,000 after buying an additional 21,114 shares in the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AMCR. Stifel Nicolaus began coverage on shares of Amcor in a report on Tuesday, July 9th. They issued a “hold” rating and a $10.80 target price for the company. JPMorgan Chase & Co. raised their price objective on Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a research note on Tuesday, August 13th. Wells Fargo & Company boosted their target price on Amcor from $9.80 to $10.50 and gave the stock an “equal weight” rating in a research report on Friday, August 16th. Robert W. Baird raised their price target on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. Finally, Citigroup boosted their price objective on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $10.73.

Amcor Stock Performance

Amcor stock opened at $11.10 on Friday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.75 and a current ratio of 1.29. Amcor plc has a fifty-two week low of $8.45 and a fifty-two week high of $11.11. The stock has a fifty day moving average of $10.19 and a two-hundred day moving average of $9.74. The company has a market capitalization of $16.04 billion, a price-to-earnings ratio of 24.67, a PEG ratio of 4.64 and a beta of 0.86.

Amcor (NYSE:AMCR) last posted its quarterly earnings data on Thursday, August 15th. The company reported $0.21 EPS for the quarter, hitting analysts’ consensus estimates of $0.21. The firm had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Amcor had a return on equity of 24.66% and a net margin of 4.75%. The firm’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.19 EPS. On average, analysts anticipate that Amcor plc will post 0.7 EPS for the current fiscal year.

Amcor Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Friday, September 6th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.50%. The ex-dividend date of this dividend is Thursday, September 5th. Amcor’s dividend payout ratio is presently 111.11%.

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.