Mission Wealth Management LP Sells 4,288 Shares of Amcor plc (NYSE:AMCR)

Mission Wealth Management LP reduced its holdings in shares of Amcor plc (NYSE:AMCR) by 8.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 48,093 shares of the company’s stock after selling 4,288 shares during the quarter. Mission Wealth Management LP’s holdings in Amcor were worth $457,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Diversify Advisory Services LLC acquired a new stake in Amcor during the first quarter worth approximately $2,738,000. Norden Group LLC purchased a new stake in Amcor in the first quarter worth $428,000. HB Wealth Management LLC grew its position in shares of Amcor by 9.6% in the first quarter. HB Wealth Management LLC now owns 38,834 shares of the company’s stock valued at $369,000 after purchasing an additional 3,388 shares in the last quarter. Vest Financial LLC grew its position in Amcor by 31.1% during the first quarter. Vest Financial LLC now owns 4,079,426 shares of the company’s stock worth $38,795,000 after buying an additional 968,781 shares in the last quarter. Finally, Caprock Group LLC bought a new position in Amcor in the 1st quarter worth about $99,000. 45.14% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AMCR has been the subject of a number of research reports. Wells Fargo & Company started 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. JPMorgan Chase & Co. increased their target price on Amcor from $9.90 to $10.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.93.

Amcor Price Performance

Shares of AMCR stock traded down $0.12 during trading hours on Friday, hitting $9.50. The stock had a trading volume of 16,971,047 shares, compared to its average volume of 6,047,746. Amcor plc has a one year low of $8.45 and a one year 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. The stock’s 50-day moving average price is $9.96 and its two-hundred day moving average price is $9.55. The stock has a market capitalization of $13.73 billion, a price-to-earnings ratio of 21.11, a PEG ratio of 4.96 and a beta of 0.86.

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

Amcor Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Wednesday, May 22nd were paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 5.26%. The ex-dividend date of this dividend was Tuesday, May 21st. Amcor’s payout ratio is currently 111.11%.

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.