Allspring Global Investments Holdings LLC Decreases Stock Position in Amcor plc (NYSE:AMCR)

Allspring Global Investments Holdings LLC cut its holdings in Amcor plc (NYSE:AMCR) by 2.4% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 77,650 shares of the company’s stock after selling 1,915 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Amcor were worth $759,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Verdence Capital Advisors LLC boosted its position in shares of Amcor by 4.3% in the 2nd quarter. Verdence Capital Advisors LLC now owns 112,765 shares of the company’s stock worth $1,103,000 after buying an additional 4,688 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Amcor in the 2nd quarter worth about $119,000. Pallas Capital Advisors LLC purchased a new position in Amcor in the 2nd quarter valued at about $263,000. First Citizens Bank & Trust Co. lifted its holdings in Amcor by 3.0% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 641,608 shares of the company’s stock valued at $6,275,000 after purchasing an additional 18,433 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. lifted its holdings in Amcor by 2.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 142,553 shares of the company’s stock valued at $1,394,000 after purchasing an additional 2,897 shares in the last quarter. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Stock Down 0.9 %

AMCR opened at $11.23 on Friday. The firm has a 50 day moving average price of $10.44 and a 200 day moving average price of $9.87. The company has a market cap of $16.22 billion, a PE ratio of 24.94, a price-to-earnings-growth ratio of 2.82 and a beta of 0.85. Amcor plc has a 1 year low of $8.45 and a 1 year high of $11.45. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.69 and a current ratio of 1.17.

Amcor (NYSE:AMCR) last posted its earnings results on Thursday, August 15th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. Amcor had a net margin of 5.35% and a return on equity of 25.45%. The firm had revenue of $3.54 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the company earned $0.19 EPS. The company’s revenue was down 3.8% on a year-over-year basis. Sell-side analysts expect that Amcor plc will post 0.75 earnings per share for the current year.

Amcor Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Friday, September 6th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 4.45%. The ex-dividend date is Friday, September 6th. Amcor’s dividend payout ratio (DPR) is 111.11%.

Analyst Ratings Changes

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

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.