Cornercap Investment Counsel Inc. Decreases Stock Position in Amcor plc (NYSE:AMCR)

Cornercap Investment Counsel Inc. cut its holdings in Amcor plc (NYSE:AMCR) by 4.3% during the 4th quarter, Holdings Channel reports. The firm owned 65,303 shares of the company’s stock after selling 2,938 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Amcor were worth $615,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. CWA Asset Management Group LLC boosted its position in Amcor by 3.9% during the fourth quarter. CWA Asset Management Group LLC now owns 32,343 shares of the company’s stock worth $304,000 after acquiring an additional 1,213 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings in shares of Amcor by 11.3% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 13,892 shares of the company’s stock worth $131,000 after purchasing an additional 1,409 shares during the last quarter. New York Life Investment Management LLC boosted its holdings in shares of Amcor by 0.8% during the fourth quarter. New York Life Investment Management LLC now owns 195,714 shares of the company’s stock worth $1,842,000 after purchasing an additional 1,507 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Amcor by 0.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 442,152 shares of the company’s stock valued at $4,161,000 after purchasing an additional 1,761 shares during the period. Finally, IHT Wealth Management LLC lifted its position in Amcor by 7.1% during the third quarter. IHT Wealth Management LLC now owns 27,597 shares of the company’s stock worth $313,000 after buying an additional 1,831 shares during the period. 45.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on AMCR shares. Truist Financial raised shares of Amcor from a “hold” rating to a “buy” rating and upped their price objective for the company from $10.00 to $12.00 in a research note on Monday, January 6th. Jefferies Financial Group raised shares of Amcor from a “hold” rating to a “buy” rating in a research report on Monday, February 3rd. Bank of America raised shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price target for the company in a report on Wednesday, December 11th. UBS Group raised shares of Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Finally, Citigroup upgraded Amcor from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $11.00 to $12.00 in a research note on Monday, January 6th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.46.

Insider Buying and Selling

In other news, Director Achal Agarwal purchased 10,000 shares of the stock in a transaction dated Thursday, February 27th. The shares were bought at an average cost of $10.10 per share, for a total transaction of $101,000.00. Following the transaction, the director now owns 88,967 shares in the company, valued at $898,566.70. This trade represents a 12.66 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.60% of the company’s stock.

Amcor Stock Performance

AMCR stock opened at $9.64 on Friday. Amcor plc has a 1 year low of $8.80 and a 1 year high of $11.48. The stock has a market capitalization of $13.93 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 1.96 and a beta of 0.80. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.71 and a current ratio of 1.26. The stock’s fifty day moving average is $9.93 and its two-hundred day moving average is $10.24.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.16 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.16. Amcor had a return on equity of 26.14% and a net margin of 5.89%. The company had revenue of $3.24 billion for the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter in the previous year, the company posted $0.09 earnings per share. The business’s revenue for the quarter was down .3% compared to the same quarter last year. On average, research analysts predict that Amcor plc will post 0.74 EPS for the current year.

Amcor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Wednesday, February 26th were paid a $0.1275 dividend. The ex-dividend date was Wednesday, February 26th. This represents a $0.51 annualized dividend and a dividend yield of 5.29%. Amcor’s payout ratio is 92.73%.

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.