PNC Financial Services Group Inc. Has $2.40 Million Position in Amcor plc (NYSE:AMCR)

PNC Financial Services Group Inc. cut its position in Amcor plc (NYSE:AMCR) by 0.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 254,553 shares of the company’s stock after selling 2,010 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Amcor were worth $2,395,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Prime Capital Investment Advisors LLC raised its position in shares of Amcor by 6.1% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 18,961 shares of the company’s stock valued at $215,000 after buying an additional 1,085 shares in the last quarter. CWA Asset Management Group LLC raised its position in shares of Amcor by 3.9% in the 4th quarter. CWA Asset Management Group LLC now owns 32,343 shares of the company’s stock valued at $304,000 after buying an additional 1,213 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its holdings in shares of Amcor by 11.3% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 13,892 shares of the company’s stock valued at $131,000 after purchasing an additional 1,409 shares during the last quarter. New York Life Investment Management LLC grew its holdings in shares of Amcor by 0.8% during the 4th quarter. New York Life Investment Management LLC now owns 195,714 shares of the company’s stock valued at $1,842,000 after purchasing an additional 1,507 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Amcor by 0.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 442,152 shares of the company’s stock valued at $4,161,000 after purchasing an additional 1,761 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Amcor Trading Up 1.6 %

AMCR opened at $9.79 on Friday. Amcor plc has a fifty-two week low of $8.80 and a fifty-two week high of $11.48. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.26 and a quick ratio of 0.71. The firm has a market capitalization of $14.14 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 1.96 and a beta of 0.80. The company’s 50 day moving average price is $9.90 and its two-hundred day moving average price is $10.35.

Amcor (NYSE:AMCR) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.16 EPS for the quarter, meeting analysts’ consensus estimates of $0.16. Amcor had a net margin of 5.89% and a return on equity of 26.14%. 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 prior year, the firm posted $0.09 EPS. The company’s quarterly revenue was down .3% on a year-over-year basis. As a group, research analysts predict that Amcor plc will post 0.74 earnings per share for the current year.

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 18th. Stockholders of record on Wednesday, February 26th will be paid a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.21%. The ex-dividend date of this dividend is Wednesday, February 26th. Amcor’s dividend payout ratio is currently 92.73%.

Insider Activity

In other news, Director Achal Agarwal acquired 10,000 shares of Amcor stock in a transaction dated Thursday, February 27th. The shares were bought at an average cost of $10.10 per share, with a total value of $101,000.00. Following the purchase, the director now owns 88,967 shares in the company, valued at $898,566.70. This trade represents a 12.66 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Truist Financial raised shares of Amcor from a “hold” rating to a “buy” rating and lifted their price target for the company from $10.00 to $12.00 in a report on Monday, January 6th. Jefferies Financial Group raised shares of Amcor from a “hold” rating to a “buy” rating in a report on Monday, February 3rd. Bank of America raised shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price target on the stock in a report on Wednesday, December 11th. UBS Group raised shares of Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 11th. Finally, Citigroup raised shares of Amcor from a “neutral” rating to a “buy” rating and lifted their price target for the company from $11.00 to $12.00 in a report on Monday, January 6th. Three research 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, the company currently has a consensus rating of “Moderate Buy” and an average 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.