Bank of New York Mellon Corp Decreases Holdings in Amcor plc (NYSE:AMCR)

Bank of New York Mellon Corp reduced its stake in Amcor plc (NYSE:AMCR) by 0.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,865,313 shares of the company’s stock after selling 57,703 shares during the period. Bank of New York Mellon Corp owned about 0.54% of Amcor worth $74,013,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Larson Financial Group LLC increased its stake in Amcor by 3,410.3% in the 3rd quarter. Larson Financial Group LLC now owns 2,387 shares of the company’s stock worth $27,000 after purchasing an additional 2,319 shares during the period. True Wealth Design LLC increased its stake in Amcor by 3,794.1% in the 3rd quarter. True Wealth Design LLC now owns 3,310 shares of the company’s stock worth $38,000 after purchasing an additional 3,225 shares during the period. Covestor Ltd increased its stake in Amcor by 441.0% in the 3rd quarter. Covestor Ltd now owns 7,963 shares of the company’s stock worth $90,000 after purchasing an additional 6,491 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of Amcor during the third quarter valued at approximately $97,000. Finally, Graypoint LLC purchased a new position in shares of Amcor during the fourth quarter valued at approximately $97,000. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Trading Down 0.1 %

NYSE AMCR opened at $10.11 on Tuesday. The company has a quick ratio of 0.71, a current ratio of 1.26 and a debt-to-equity ratio of 1.80. Amcor plc has a twelve month low of $8.80 and a twelve month high of $11.48. The firm has a market capitalization of $14.61 billion, a PE ratio of 18.38, a P/E/G ratio of 1.96 and a beta of 0.84. The stock’s 50 day moving average is $9.80 and its 200 day moving average is $10.40.

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 the consensus estimate 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 analyst estimates of $3.33 billion. During the same period in the previous year, the company posted $0.09 earnings per share. The firm’s revenue was down .3% on a year-over-year basis. Research analysts forecast that Amcor plc will post 0.74 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Wednesday, February 26th will be issued a $0.1275 dividend. This represents a $0.51 annualized dividend and a yield of 5.04%. The ex-dividend date is Wednesday, February 26th. Amcor’s dividend payout ratio (DPR) is 92.73%.

Insiders Place Their Bets

In related news, Director Achal Agarwal bought 10,000 shares of the company’s stock in a transaction on Thursday, February 27th. The shares were acquired at an average cost of $10.10 per share, with a total value of $101,000.00. Following the completion of the acquisition, the director now owns 88,967 shares of the company’s stock, valued at $898,566.70. The trade was a 12.66 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. UBS Group raised Amcor from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 11th. Macquarie raised Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. Citigroup raised Amcor from a “neutral” rating to a “buy” rating and boosted their target price for the company from $11.00 to $12.00 in a research note on Monday, January 6th. Bank of America raised Amcor from an “underperform” rating to a “buy” rating and set a $12.50 target price on the stock 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, February 3rd. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Amcor presently has an average rating of “Moderate Buy” and a consensus target price of $11.46.

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.