Amcor plc (NYSE:AMCR) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc reduced its position in shares of Amcor plc (NYSE:AMCR) by 3.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 372,725 shares of the company’s stock after selling 15,106 shares during the period. CIBC Asset Management Inc’s holdings in Amcor were worth $3,645,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Natixis Advisors LLC increased its stake in Amcor by 6.4% during the 2nd quarter. Natixis Advisors LLC now owns 509,686 shares of the company’s stock worth $4,985,000 after buying an additional 30,534 shares during the period. Commonwealth Equity Services LLC increased its position in shares of Amcor by 9.7% during the second quarter. Commonwealth Equity Services LLC now owns 904,377 shares of the company’s stock worth $8,845,000 after acquiring an additional 80,301 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of Amcor in the second quarter worth about $149,000. Rothschild Investment LLC purchased a new position in Amcor in the second quarter valued at about $262,000. Finally, Forum Financial Management LP acquired a new stake in Amcor during the 2nd quarter valued at approximately $134,000. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on AMCR. Stifel Nicolaus started coverage on Amcor in a research note on Tuesday, July 9th. They set a “hold” rating and a $10.80 target price for the company. Robert W. Baird raised their price objective on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” 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 research note on Tuesday, August 13th. Wells Fargo & Company lifted their price target on Amcor from $9.80 to $10.50 and gave the stock an “equal weight” rating in a research note on Friday, August 16th. Finally, Citigroup boosted their price objective on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $10.73.

Amcor Trading Down 0.9 %

Amcor stock opened at $11.23 on Friday. Amcor plc has a 1 year low of $8.45 and a 1 year high of $11.45. The firm’s 50-day moving average is $10.44 and its 200-day moving average is $9.87. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.69 and a current ratio of 1.17. The company has a market cap of $16.22 billion, a P/E ratio of 24.94, a PEG ratio of 2.82 and a beta of 0.85.

Amcor (NYSE:AMCR) last issued 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. The firm had revenue of $3.54 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Amcor had a net margin of 5.35% and a return on equity of 25.45%. Amcor’s revenue was down 3.8% on a year-over-year basis. During the same quarter last year, the company posted $0.19 earnings per share. On average, equities analysts expect that Amcor plc will post 0.75 earnings per share for the current year.

Amcor Dividend Announcement

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

About Amcor

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.