Kentucky Retirement Systems Reduces Stake in Amcor plc (NYSE:AMCR)

Kentucky Retirement Systems decreased its holdings in shares of Amcor plc (NYSE:AMCR) by 5.1% during the 1st quarter, Holdings Channel.com reports. The firm owned 109,764 shares of the company’s stock after selling 5,879 shares during the period. Kentucky Retirement Systems’ holdings in Amcor were worth $1,044,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its holdings in shares of Amcor by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,604,159 shares of the company’s stock worth $195,946,000 after purchasing an additional 2,086,698 shares during the last quarter. Toronto Dominion Bank boosted its holdings in Amcor by 0.3% in the first quarter. Toronto Dominion Bank now owns 4,815,594 shares of the company’s stock valued at $45,796,000 after acquiring an additional 16,774 shares during the last quarter. Rodgers Brothers Inc. boosted its holdings in Amcor by 321.5% in the first quarter. Rodgers Brothers Inc. now owns 315,156 shares of the company’s stock valued at $2,997,000 after acquiring an additional 240,392 shares during the last quarter. CreativeOne Wealth LLC acquired a new position in Amcor in the first quarter valued at $747,000. Finally, Lake Street Advisors Group LLC acquired a new position in Amcor in the first quarter valued at $114,000. Institutional investors and hedge funds own 45.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on AMCR shares. JPMorgan Chase & Co. lifted their target price on Amcor from $9.90 to $10.00 and gave the company an “overweight” rating in a report on Wednesday, May 1st. Stifel Nicolaus began coverage on Amcor in a research report on Tuesday, July 9th. They set a “hold” rating and a $10.80 target price on the stock. Finally, Wells Fargo & Company assumed coverage on Amcor in a report on Friday, June 28th. They issued an “equal weight” rating and a $9.80 price objective for the company. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $10.15.

Amcor Stock Performance

Shares of NYSE AMCR traded up $0.03 during midday trading on Monday, reaching $10.41. 8,208,144 shares of the company traded hands, compared to its average volume of 8,820,839. The company has a market cap of $15.05 billion, a price-to-earnings ratio of 23.11, a PEG ratio of 4.58 and a beta of 0.86. The stock has a 50-day moving average price of $9.95 and a 200 day moving average price of $9.58. Amcor plc has a 52 week low of $8.45 and a 52 week high of $10.51. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.29 and a quick ratio of 0.75.

Amcor (NYSE:AMCR) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. Amcor had a return on equity of 24.66% and a net margin of 4.75%. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.49 billion. During the same quarter in the previous year, the business earned $0.18 EPS. The company’s quarterly revenue was down 7.0% compared to the same quarter last year. Sell-side analysts anticipate that Amcor plc will post 0.7 earnings per share for the current fiscal year.

Amcor Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Investors of record on Wednesday, May 22nd were issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 4.80%. The ex-dividend date was Tuesday, May 21st. Amcor’s payout ratio is 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.