Wrapmanager Inc. Cuts Stake in Amcor plc (NYSE:AMCR)

Wrapmanager Inc. lessened its holdings in shares of Amcor plc (NYSE:AMCR) by 43.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,047 shares of the company’s stock after selling 9,284 shares during the period. Wrapmanager Inc.’s holdings in Amcor were worth $136,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Lake Street Advisors Group LLC raised its stake in Amcor by 8.4% in the third quarter. Lake Street Advisors Group LLC now owns 12,210 shares of the company’s stock valued at $138,000 after buying an additional 946 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Amcor by 9.6% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 11,646 shares of the company’s stock valued at $132,000 after acquiring an additional 1,023 shares in the last quarter. Forum Financial Management LP raised its position in shares of Amcor by 7.7% in the 3rd quarter. Forum Financial Management LP now owns 14,761 shares of the company’s stock valued at $167,000 after purchasing an additional 1,058 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its stake in Amcor by 6.1% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 18,961 shares of the company’s stock worth $215,000 after purchasing an additional 1,085 shares in the last quarter. Finally, Quent Capital LLC grew its position in Amcor by 51.8% during the 2nd quarter. Quent Capital LLC now owns 3,638 shares of the company’s stock worth $36,000 after purchasing an additional 1,241 shares during the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Stock Performance

Shares of AMCR stock opened at $9.89 on Wednesday. Amcor plc has a 52-week low of $8.78 and a 52-week high of $11.48. 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 stock has a market cap of $14.29 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 1.84 and a beta of 0.85. The business has a 50-day simple moving average of $10.88 and a 200-day simple moving average of $10.50.

Amcor (NYSE:AMCR) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.16. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. Amcor had a return on equity of 25.60% and a net margin of 5.68%. Amcor’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 earnings per share. On average, equities analysts expect that Amcor plc will post 0.74 EPS for the current year.

Amcor Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st will be given a $0.1275 dividend. The ex-dividend date is Thursday, November 21st. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.16%. This is an increase from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio is 94.34%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Citigroup lifted their price objective 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 lifted their price target on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Friday, August 16th. JPMorgan Chase & Co. increased their price objective on Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a report on Tuesday, August 13th. Finally, Wells Fargo & Company lifted their target price on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $10.94.

Amcor 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.