Verition Fund Management LLC Reduces Holdings in Amcor plc (NYSE:AMCR)

Verition Fund Management LLC reduced its stake in Amcor plc (NYSE:AMCR) by 72.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,338 shares of the company’s stock after selling 40,242 shares during the period. Verition Fund Management LLC’s holdings in Amcor were worth $174,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AMCR. Larson Financial Group LLC raised its position in Amcor by 3,410.3% during the 3rd quarter. Larson Financial Group LLC now owns 2,387 shares of the company’s stock valued at $27,000 after purchasing an additional 2,319 shares during the last quarter. Rise Advisors LLC purchased a new stake in Amcor in the third quarter worth $35,000. ORG Wealth Partners LLC bought a new stake in Amcor in the third quarter valued at $35,000. UMB Bank n.a. increased its position in Amcor by 38.7% during the 2nd quarter. UMB Bank n.a. now owns 4,656 shares of the company’s stock valued at $46,000 after purchasing an additional 1,299 shares during the period. Finally, Signaturefd LLC raised its holdings in Amcor by 296.3% in the 3rd quarter. Signaturefd LLC now owns 4,336 shares of the company’s stock worth $49,000 after purchasing an additional 3,242 shares in the last quarter. Institutional investors own 45.14% of the company’s stock.

Amcor Price Performance

Shares of NYSE:AMCR opened at $9.86 on Tuesday. The business has a fifty day moving average price of $10.57 and a 200-day moving average price of $10.53. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.29 and a quick ratio of 0.74. The company has a market capitalization of $14.24 billion, a PE ratio of 18.59, a PEG ratio of 1.80 and a beta of 0.82. Amcor plc has a 1-year low of $8.78 and a 1-year high of $11.48.

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

Amcor Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st were paid a dividend of $0.1275 per share. This represents a $0.51 annualized dividend and a yield of 5.18%. This is an increase from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, November 21st. Amcor’s dividend payout ratio (DPR) is currently 96.23%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Citigroup 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 Tuesday, August 20th. Wells Fargo & Company lifted their price target on Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. UBS Group raised Amcor from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 11th. Macquarie raised Amcor from a “neutral” rating to an “outperform” rating in a research report on Wednesday, November 27th. Finally, Bank of America raised shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 target price on the stock in a research report on Wednesday, December 11th. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Amcor presently has a consensus rating of “Moderate Buy” and an average target price of $11.20.

Amcor Company 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.