Nordea Investment Management AB Reduces Stock Position in Amcor plc (NYSE:AMCR)

Nordea Investment Management AB reduced its holdings in Amcor plc (NYSE:AMCR) by 2.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 87,376 shares of the company’s stock after selling 2,646 shares during the period. Nordea Investment Management AB’s holdings in Amcor were worth $820,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in AMCR. Acadian Asset Management LLC purchased a new position in shares of Amcor in the 2nd quarter worth $75,000. Choreo LLC purchased a new position in shares of Amcor during the 2nd quarter worth about $103,000. Daiwa Securities Group Inc. boosted its stake in shares of Amcor by 10.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 158,261 shares of the company’s stock worth $1,548,000 after purchasing an additional 15,349 shares during the period. Meeder Advisory Services Inc. boosted its stake in shares of Amcor by 23.5% during the 2nd quarter. Meeder Advisory Services Inc. now owns 47,239 shares of the company’s stock worth $462,000 after purchasing an additional 9,004 shares during the period. Finally, HBK Sorce Advisory LLC boosted its stake in shares of Amcor by 31.5% during the 2nd quarter. HBK Sorce Advisory LLC now owns 19,003 shares of the company’s stock worth $186,000 after purchasing an additional 4,550 shares during the period. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Trading Down 1.3 %

NYSE:AMCR opened at $9.43 on Monday. Amcor plc has a one year low of $8.78 and a one year high of $11.48. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.74 and a current ratio of 1.29. The firm has a market cap of $13.63 billion, a P/E ratio of 17.79, a P/E/G ratio of 1.80 and a beta of 0.84. The firm has a 50-day simple moving average of $9.95 and a 200-day simple moving average of $10.45.

Amcor (NYSE:AMCR) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.16 EPS for the quarter, meeting 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 quarter in the previous year, the business posted $0.16 EPS. The company’s quarterly revenue was down 2.6% compared to the same quarter last year. Equities analysts anticipate that Amcor plc will post 0.74 EPS for the current fiscal 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 $0.1275 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $0.51 annualized dividend and a dividend yield of 5.41%. This is a positive change from Amcor’s previous quarterly dividend of $0.13. Amcor’s payout ratio is currently 96.23%.

Analyst Upgrades and Downgrades

AMCR has been the subject of a number of recent analyst reports. 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 research note on Wednesday, December 11th. Wells Fargo & Company lifted their price target on shares of Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. UBS Group raised shares of Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Macquarie raised shares of Amcor from a “neutral” rating to an “outperform” rating in a research report on Wednesday, November 27th. Finally, Citigroup raised shares of Amcor from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $11.00 to $12.00 in a research report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Amcor presently has an average rating of “Moderate Buy” and an average 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.