Bank of America Corp DE Sells 774,694 Shares of Amcor plc (NYSE:AMCR)

Bank of America Corp DE trimmed its position in shares of Amcor plc (NYSE:AMCR) by 12.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,640,594 shares of the company’s stock after selling 774,694 shares during the period. Bank of America Corp DE owned about 0.39% of Amcor worth $53,078,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Marshall Wace LLP grew its position in shares of Amcor by 303.9% during the 4th quarter. Marshall Wace LLP now owns 8,699,610 shares of the company’s stock worth $81,863,000 after buying an additional 6,545,689 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Amcor by 25.1% in the fourth quarter. Wellington Management Group LLP now owns 27,971,885 shares of the company’s stock valued at $263,215,000 after purchasing an additional 5,614,233 shares during the period. First Trust Advisors LP boosted its holdings in shares of Amcor by 474.7% in the 4th quarter. First Trust Advisors LP now owns 5,402,490 shares of the company’s stock valued at $50,837,000 after acquiring an additional 4,462,367 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Amcor by 16.0% in the 4th quarter. Invesco Ltd. now owns 30,425,121 shares of the company’s stock valued at $286,300,000 after buying an additional 4,199,209 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Amcor by 6.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 46,052,929 shares of the company’s stock worth $433,358,000 after purchasing an additional 2,862,471 shares during the period. 45.14% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Truist Financial lowered their price target on Amcor from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Raymond James began coverage on Amcor in a research report on Tuesday, April 22nd. They set a “market perform” rating on the stock. Finally, Jefferies Financial Group raised shares of Amcor from a “hold” rating to a “buy” rating in a research note on Monday, February 3rd. Four analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $11.31.

Amcor Stock Down 1.7%

Amcor stock opened at $9.18 on Wednesday. Amcor plc has a twelve month low of $8.37 and a twelve month high of $11.48. The firm has a market capitalization of $13.27 billion, a P/E ratio of 16.69, a P/E/G ratio of 1.96 and a beta of 0.78. The company has a current ratio of 1.26, a quick ratio of 0.71 and a debt-to-equity ratio of 1.80. The stock’s fifty day simple moving average is $9.45 and its 200-day simple moving average is $9.81.

Amcor (NYSE:AMCR) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.18 EPS for the quarter, meeting analysts’ consensus estimates of $0.18. Amcor had a return on equity of 26.14% and a net margin of 5.89%. The business had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.51 billion. During the same quarter in the prior year, the business posted $0.13 EPS. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, equities analysts expect that Amcor plc will post 0.74 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders 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 (DPR) is presently 91.07%.

Insiders Place Their Bets

In other news, Director Achal Agarwal acquired 10,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were purchased at an average cost of $10.10 per share, for a total transaction of $101,000.00. Following the transaction, the director now directly owns 88,967 shares in the company, valued at approximately $898,566.70. This represents a 12.66% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.60% of the stock is currently owned by insiders.

Amcor 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.