Envestnet Asset Management Inc. Trims Stock Position in Amcor plc (NYSE:AMCR)

Envestnet Asset Management Inc. cut its holdings in shares of Amcor plc (NYSE:AMCR) by 2.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,802,902 shares of the company’s stock after selling 93,212 shares during the period. Envestnet Asset Management Inc. owned 0.26% of Amcor worth $37,192,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of AMCR. Envestnet Portfolio Solutions Inc. raised its position in Amcor by 40.6% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 743,325 shares of the company’s stock worth $7,069,000 after buying an additional 214,458 shares during the last quarter. Empowered Funds LLC raised its holdings in Amcor by 244.2% during the first quarter. Empowered Funds LLC now owns 103,655 shares of the company’s stock worth $986,000 after purchasing an additional 73,541 shares in the last quarter. M&G Plc lifted its position in Amcor by 2,741.7% in the second quarter. M&G Plc now owns 47,164,358 shares of the company’s stock valued at $471,644,000 after purchasing an additional 45,504,608 shares during the period. CHURCHILL MANAGEMENT Corp boosted its holdings in Amcor by 60.0% in the 1st quarter. CHURCHILL MANAGEMENT Corp now owns 601,225 shares of the company’s stock valued at $5,718,000 after purchasing an additional 225,441 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in Amcor by 236.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,648,279 shares of the company’s stock worth $15,675,000 after purchasing an additional 1,157,878 shares during the period. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AMCR. Robert W. Baird raised their price target 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. upped their price target on shares of Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a research note on Tuesday, August 13th. Stifel Nicolaus assumed coverage on shares of Amcor in a research note on Tuesday, July 9th. They issued a “hold” rating and a $10.80 price objective for the company. Citigroup increased their target price on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, Wells Fargo & Company lifted their price target on shares of Amcor from $9.80 to $10.50 and gave the company an “equal weight” rating in a research report on Friday, August 16th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.73.

Amcor Stock Performance

Shares of AMCR opened at $10.90 on Friday. Amcor plc has a 12-month low of $8.45 and a 12-month high of $11.45. The stock has a market cap of $15.75 billion, a P/E ratio of 24.22, a PEG ratio of 2.68 and a beta of 0.85. The company has a current ratio of 1.17, a quick ratio of 0.69 and a debt-to-equity ratio of 1.67. The company has a 50-day moving average of $10.73 and a two-hundred day moving average of $10.02.

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, hitting the consensus estimate of $0.21. The firm had revenue of $3.54 billion during the quarter, compared to the consensus estimate of $1.30 billion. Amcor had a return on equity of 25.45% and a net margin of 5.35%. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 EPS. As a group, research analysts predict that Amcor plc will post 0.75 EPS for the current fiscal year.

Amcor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, September 6th will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date is Friday, September 6th. Amcor’s payout ratio is currently 111.11%.

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.