Pallas Capital Advisors LLC Sells 14,559 Shares of Amcor plc (NYSE:AMCR)

Pallas Capital Advisors LLC decreased its stake in Amcor plc (NYSE:AMCR) by 43.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,820 shares of the company’s stock after selling 14,559 shares during the period. Pallas Capital Advisors LLC’s holdings in Amcor were worth $177,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Acadian Asset Management LLC bought a new position in Amcor in the second quarter valued at $75,000. Choreo LLC purchased a new position in shares of Amcor in the 2nd quarter worth about $103,000. Thoroughbred Financial Services LLC bought a new position in shares of Amcor during the 2nd quarter valued at about $183,000. WINTON GROUP Ltd purchased a new position in shares of Amcor during the 2nd quarter valued at about $392,000. Finally, Dimensional Fund Advisors LP lifted its position in Amcor by 11.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 14,721,829 shares of the company’s stock worth $143,989,000 after buying an additional 1,527,492 shares during the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Stock Performance

NYSE:AMCR opened at $9.61 on Thursday. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 1.80. The firm’s fifty day simple moving average is $9.92 and its 200 day simple moving average is $10.45. The stock has a market cap of $13.89 billion, a P/E ratio of 18.13, a price-to-earnings-growth ratio of 1.80 and a beta of 0.84. Amcor plc has a twelve month low of $8.78 and a twelve month high of $11.48.

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

Amcor Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 11th. Stockholders of record on Thursday, November 21st were issued a dividend of $0.1275 per share. This is an increase from Amcor’s previous quarterly dividend of $0.13. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.31%. The ex-dividend date was Thursday, November 21st. Amcor’s dividend payout ratio is presently 96.23%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on AMCR. Macquarie upgraded shares of Amcor from a “neutral” rating to an “outperform” rating in a research report on Wednesday, November 27th. Truist Financial raised shares of Amcor from a “hold” rating to a “buy” rating and boosted their price target for the stock from $10.00 to $12.00 in a research note on Monday, January 6th. Wells Fargo & Company raised 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, October 15th. UBS Group upgraded Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 11th. Finally, Citigroup raised Amcor from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $11.00 to $12.00 in a research note on Monday, January 6th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $11.46.

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.