Procyon Advisors LLC Sells 3,852 Shares of Amcor plc (NYSE:AMCR)

Procyon Advisors LLC lowered its stake in shares of Amcor plc (NYSE:AMCR) by 19.7% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 15,654 shares of the company’s stock after selling 3,852 shares during the period. Procyon Advisors LLC’s holdings in Amcor were worth $152,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in AMCR. Sumitomo Mitsui Trust Group Inc. raised its position in Amcor by 4.5% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,622,097 shares of the company’s stock worth $34,084,000 after purchasing an additional 157,557 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Amcor by 8.5% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 279,704 shares of the company’s stock worth $2,632,000 after acquiring an additional 21,839 shares during the last quarter. Apollon Wealth Management LLC bought a new stake in Amcor in the 4th quarter worth $125,000. Empowered Funds LLC grew its holdings in Amcor by 25.9% in the 4th quarter. Empowered Funds LLC now owns 167,952 shares of the company’s stock worth $1,580,000 after acquiring an additional 34,573 shares during the last quarter. Finally, AlphaStar Capital Management LLC boosted its stake in shares of Amcor by 16.6% during the 4th quarter. AlphaStar Capital Management LLC now owns 49,287 shares of the company’s stock valued at $464,000 after purchasing an additional 7,009 shares in the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Raymond James assumed coverage on shares of Amcor in a research note on Tuesday, April 22nd. They set a “market perform” rating on the stock. Truist Financial decreased their price objective on shares of Amcor from $12.00 to $11.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Four 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.31.

Amcor Stock Performance

AMCR opened at $9.18 on Tuesday. The firm has a market cap of $13.27 billion, a P/E ratio of 16.69, a PEG ratio of 1.96 and a beta of 0.73. Amcor plc has a 1-year low of $8.37 and a 1-year high of $11.48. The company has a 50 day simple moving average of $9.21 and a two-hundred day simple moving average of $9.64. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.26 and a quick ratio of 0.71.

Amcor (NYSE:AMCR) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.18. The business had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.51 billion. Amcor had a net margin of 5.89% and a return on equity of 26.14%. The company’s revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.13 earnings per share. Equities 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, June 10th. Investors of record on Thursday, May 22nd will be given a dividend of $0.1275 per share. The ex-dividend date is Thursday, May 22nd. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.56%. Amcor’s dividend payout ratio is 91.07%.

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.