Synovus Financial Corp Trims Stake in Amcor plc (NYSE:AMCR)

Synovus Financial Corp cut its stake in Amcor plc (NYSE:AMCR) by 15.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,878 shares of the company’s stock after selling 2,000 shares during the period. Synovus Financial Corp’s holdings in Amcor were worth $123,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Larson Financial Group LLC lifted its stake in shares of Amcor by 3,410.3% in 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 during the period. Rise Advisors LLC purchased a new position in Amcor during the third quarter valued at $35,000. ORG Wealth Partners LLC bought a new stake in shares of Amcor during the 3rd quarter valued at $35,000. True Wealth Design LLC boosted its holdings in shares of Amcor by 3,794.1% during the 3rd 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 in the last quarter. Finally, UMB Bank n.a. grew its position in shares of Amcor by 38.7% in the 2nd quarter. UMB Bank n.a. now owns 4,656 shares of the company’s stock worth $46,000 after buying an additional 1,299 shares during the period. 45.14% of the stock is owned by institutional investors.

Amcor Trading Down 0.4 %

NYSE:AMCR opened at $9.40 on Friday. The company has a market cap of $13.59 billion, a PE ratio of 17.74, a price-to-earnings-growth ratio of 1.80 and a beta of 0.82. The company has a current ratio of 1.29, a quick ratio of 0.74 and a debt-to-equity ratio of 1.80. The company has a 50 day simple moving average of $10.48 and a two-hundred day simple moving average of $10.51. Amcor plc has a 12 month low of $8.78 and a 12 month high of $11.48.

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

Amcor Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 11th. Stockholders of record on Thursday, November 21st were given a dividend of $0.1275 per share. The ex-dividend date was Thursday, November 21st. This represents a $0.51 annualized dividend and a dividend yield of 5.43%. This is a positive change from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio is presently 96.23%.

Wall Street Analyst Weigh In

AMCR has been the topic of several research reports. Bank of America raised shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price objective on the stock in a research note on Wednesday, December 11th. Wells Fargo & Company boosted their price target on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. UBS Group raised Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Finally, Macquarie raised Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Amcor has a consensus rating of “Moderate Buy” and an average target price of $11.20.

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.