DAVENPORT & Co LLC Reduces Stock Position in Amcor plc (NYSE:AMCR)

DAVENPORT & Co LLC trimmed its position in Amcor plc (NYSE:AMCR) by 5.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 161,808 shares of the company’s stock after selling 8,982 shares during the period. DAVENPORT & Co LLC’s holdings in Amcor were worth $1,523,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Forsta AP Fonden lifted its stake in shares of Amcor by 3.1% during the fourth quarter. Forsta AP Fonden now owns 683,600 shares of the company’s stock valued at $6,433,000 after buying an additional 20,600 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in shares of Amcor by 12.2% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 550,677 shares of the company’s stock worth $5,182,000 after purchasing an additional 60,049 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Amcor by 22.9% during the fourth quarter. Pacer Advisors Inc. now owns 208,271 shares of the company’s stock worth $1,960,000 after purchasing an additional 38,869 shares during the last quarter. KBC Group NV grew its position in shares of Amcor by 7.2% in the fourth quarter. KBC Group NV now owns 3,152,034 shares of the company’s stock valued at $29,660,000 after purchasing an additional 211,850 shares during the period. Finally, Blue Trust Inc. increased its stake in Amcor by 18.4% in the fourth quarter. Blue Trust Inc. now owns 12,254 shares of the company’s stock valued at $115,000 after purchasing an additional 1,901 shares during the last quarter. 45.14% of the stock is owned by institutional investors and hedge funds.

Amcor Trading Up 1.6 %

Shares of AMCR opened at $10.21 on Thursday. Amcor plc has a one year low of $8.78 and a one year high of $11.48. The stock has a 50-day moving average price of $9.77 and a 200 day moving average price of $10.44. 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 company has a market capitalization of $14.76 billion, a P/E ratio of 19.27, a P/E/G ratio of 1.86 and a beta of 0.84.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. The business had revenue of $3.24 billion for the quarter, compared to analysts’ expectations of $3.33 billion. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter last year, the company posted $0.09 earnings per share. Sell-side analysts forecast that Amcor plc will post 0.74 EPS for the current fiscal year.

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Wednesday, February 26th will be given a dividend of $0.1275 per share. This represents a $0.51 annualized dividend and a dividend yield of 4.99%. The ex-dividend date is Wednesday, February 26th. Amcor’s dividend payout ratio is currently 96.23%.

Wall Street Analysts Forecast Growth

AMCR has been the topic of several research analyst reports. UBS Group raised shares of Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Truist Financial upgraded Amcor from a “hold” rating to a “buy” rating and upped their price objective for the stock from $10.00 to $12.00 in a report on Monday, January 6th. Macquarie upgraded Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. Bank of America upgraded 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. Finally, Jefferies Financial Group raised Amcor from a “hold” rating to a “buy” rating in a research note on Monday. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus 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.