Hsbc Holdings PLC Trims Stock Holdings in Amcor plc (NYSE:AMCR)

Hsbc Holdings PLC trimmed its position in Amcor plc (NYSE:AMCR) by 22.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 766,450 shares of the company’s stock after selling 226,786 shares during the period. Hsbc Holdings PLC’s holdings in Amcor were worth $7,503,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Amcor by 2.1% in the first quarter. Vanguard Group Inc. now owns 56,749,318 shares of the company’s stock worth $539,686,000 after purchasing an additional 1,170,986 shares during the period. M&G Plc grew 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 worth $471,644,000 after acquiring an additional 45,504,608 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Amcor by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 20,604,159 shares of the company’s stock worth $195,946,000 after acquiring an additional 2,086,698 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Amcor in the fourth quarter worth $155,438,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Amcor by 11.6% in the second quarter. Dimensional Fund Advisors LP now owns 14,721,829 shares of the company’s stock worth $143,989,000 after acquiring an additional 1,527,492 shares during the last quarter. 45.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Amcor Price Performance

Shares of NYSE:AMCR opened at $11.08 on Tuesday. The firm’s 50 day simple moving average is $10.76 and its two-hundred day simple moving average is $10.04. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.17 and a quick ratio of 0.69. The company has a market capitalization of $16.01 billion, a P/E ratio of 24.62, a P/E/G ratio of 2.68 and a beta of 0.85. Amcor plc has a 1-year low of $8.45 and a 1-year high of $11.45.

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

Amcor Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Friday, September 6th. This represents a $0.50 annualized dividend and a yield of 4.51%. 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.