Investment Management Corp of Ontario Sells 20,909 Shares of Amcor plc (NYSE:AMCR)

Investment Management Corp of Ontario cut its stake in shares of Amcor plc (NYSE:AMCR) by 5.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 335,701 shares of the company’s stock after selling 20,909 shares during the quarter. Investment Management Corp of Ontario’s holdings in Amcor were worth $3,803,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in AMCR. Larson Financial Group LLC increased its holdings in Amcor by 3,410.3% during the 3rd quarter. Larson Financial Group LLC now owns 2,387 shares of the company’s stock valued at $27,000 after purchasing an additional 2,319 shares in the last quarter. Rise Advisors LLC acquired a new stake in shares of Amcor in the third quarter valued at $35,000. ORG Wealth Partners LLC acquired a new stake in shares of Amcor in the third quarter valued at $35,000. True Wealth Design LLC raised its holdings in shares of Amcor by 3,794.1% in the third quarter. True Wealth Design LLC now owns 3,310 shares of the company’s stock valued at $38,000 after buying an additional 3,225 shares during the last quarter. Finally, Signaturefd LLC lifted its position in Amcor by 296.3% during the 3rd quarter. Signaturefd LLC now owns 4,336 shares of the company’s stock worth $49,000 after buying an additional 3,242 shares in the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Stock Performance

AMCR stock opened at $10.55 on Wednesday. Amcor plc has a twelve month low of $8.78 and a twelve month high of $11.48. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 1.80. The company has a market cap of $15.24 billion, a P/E ratio of 19.90, a price-to-earnings-growth ratio of 1.90 and a beta of 0.82. The business’s fifty day moving average is $10.77 and its 200-day moving average is $10.52.

Amcor (NYSE:AMCR) last released its earnings results on Thursday, October 31st. The company reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $1.33 billion. Amcor had a return on equity of 25.60% and a net margin of 5.68%. The company’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.16 earnings per share. Equities research analysts forecast that Amcor plc will post 0.74 EPS for the current year.

Amcor Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Thursday, November 21st will be issued a dividend of $0.1275 per share. The ex-dividend date is Thursday, November 21st. This represents a $0.51 dividend on an annualized basis and a yield of 4.84%. This is a boost from Amcor’s previous quarterly dividend of $0.13. Amcor’s payout ratio is currently 96.23%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wells Fargo & Company boosted their target price on shares of Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Macquarie raised Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. JPMorgan Chase & Co. lifted their target price on Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a research note on Tuesday, August 13th. Robert W. Baird upped their price target on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Finally, Citigroup lifted their price objective on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Amcor currently has an average rating of “Hold” and an average price target of $10.94.

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.