New York State Common Retirement Fund Trims Stake in Amcor plc (NYSE:AMCR)

New York State Common Retirement Fund lowered its holdings in Amcor plc (NYSE:AMCR) by 35.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 973,530 shares of the company’s stock after selling 524,369 shares during the period. New York State Common Retirement Fund owned approximately 0.07% of Amcor worth $9,385,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Signaturefd LLC increased its position in shares of Amcor by 1,619.5% in the third quarter. Signaturefd LLC now owns 3,267 shares of the company’s stock worth $30,000 after purchasing an additional 3,077 shares during the last quarter. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Amcor during the 3rd quarter valued at $38,000. McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Amcor during the 4th quarter valued at $40,000. Loomis Sayles & Co. L P lifted its holdings in shares of Amcor by 48.2% during the 3rd quarter. Loomis Sayles & Co. L P now owns 4,445 shares of the company’s stock worth $41,000 after acquiring an additional 1,445 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Amcor in the third quarter worth $46,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Trading Up 9.6 %

AMCR stock opened at $9.80 on Thursday. The company has a market capitalization of $14.16 billion, a PE ratio of 22.26, a price-to-earnings-growth ratio of 9.95 and a beta of 0.78. The company has a debt-to-equity ratio of 1.74, a quick ratio of 0.71 and a current ratio of 1.25. Amcor plc has a one year low of $8.45 and a one year high of $11.04. The company’s 50 day moving average price is $9.20 and its two-hundred day moving average price is $9.28.

Amcor (NYSE:AMCR) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.01. Amcor had a net margin of 4.59% and a return on equity of 24.28%. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.49 billion. During the same period in the previous year, the firm posted $0.18 earnings per share. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. As a group, analysts predict that Amcor plc will post 0.68 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 11th. Investors of record on Wednesday, May 22nd will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend is Tuesday, May 21st. Amcor’s dividend payout ratio is presently 113.64%.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. raised their price target on Amcor from $9.90 to $10.00 and gave the company an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $10.00.

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.