Procyon Advisors LLC Sells 5,865 Shares of Amcor plc (NYSE:AMCR)

Procyon Advisors LLC lowered its position in shares of Amcor plc (NYSE:AMCR) by 21.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,357 shares of the company’s stock after selling 5,865 shares during the period. Procyon Advisors LLC’s holdings in Amcor were worth $242,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Amcor by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 56,749,318 shares of the company’s stock valued at $539,686,000 after buying an additional 1,170,986 shares in the last quarter. M&G Plc raised its stake in shares of Amcor by 2,741.7% during 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 in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Amcor by 11.3% in the 1st 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. ProShare Advisors LLC boosted its stake in shares of Amcor by 7.8% in the 2nd quarter. ProShare Advisors LLC now owns 19,916,478 shares of the company’s stock valued at $194,783,000 after purchasing an additional 1,443,364 shares in the last quarter. Finally, Wellington Management Group LLP bought a new position in shares of Amcor during the 4th quarter valued at $155,438,000. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on AMCR. Citigroup boosted their price target on shares of 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 increased their target price on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Friday, August 16th. JPMorgan Chase & Co. raised their price target on Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a research report on Tuesday, August 13th. Wells Fargo & Company increased their price objective on Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Stifel Nicolaus initiated coverage on shares of Amcor in a research note on Tuesday, July 9th. They issued a “hold” rating and a $10.80 target price on the stock. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Amcor has a consensus rating of “Hold” and a consensus target price of $10.78.

Amcor Price Performance

AMCR opened at $11.28 on Thursday. 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 stock has a market capitalization of $16.30 billion, a PE ratio of 25.07, a price-to-earnings-growth ratio of 2.72 and a beta of 0.85. The stock’s 50 day moving average price is $11.06 and its 200-day moving average price is $10.25. Amcor plc has a 52-week low of $8.45 and a 52-week high of $11.48.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Thursday, August 15th. The company reported $0.21 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.21. Amcor had a net margin of 5.35% and a return on equity of 25.45%. The business had revenue of $3.54 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the firm earned $0.19 EPS. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. On average, equities research analysts predict that Amcor plc will post 0.75 EPS for the current year.

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Friday, September 6th were given a dividend of $0.125 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.50 annualized dividend and a yield of 4.43%. 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.