Pallas Capital Advisors LLC Reduces Stock Position in Amcor plc (NYSE:AMCR)

Pallas Capital Advisors LLC cut its stake in shares of Amcor plc (NYSE:AMCR) by 43.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 18,820 shares of the company’s stock after selling 14,559 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Amcor were worth $177,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Lake Street Advisors Group LLC grew its holdings in shares of Amcor by 8.4% in the third quarter. Lake Street Advisors Group LLC now owns 12,210 shares of the company’s stock worth $138,000 after acquiring an additional 946 shares during the period. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Amcor by 9.6% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 11,646 shares of the company’s stock valued at $132,000 after purchasing an additional 1,023 shares during the period. Forum Financial Management LP grew its stake in shares of Amcor by 7.7% during the 3rd quarter. Forum Financial Management LP now owns 14,761 shares of the company’s stock valued at $167,000 after purchasing an additional 1,058 shares during the period. Prime Capital Investment Advisors LLC increased its position in shares of Amcor by 6.1% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 18,961 shares of the company’s stock valued at $215,000 after purchasing an additional 1,085 shares during the last quarter. Finally, CWA Asset Management Group LLC lifted its stake 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 worth $304,000 after purchasing an additional 1,213 shares during the period. 45.14% of the stock is owned by institutional investors.

Amcor Stock Performance

NYSE AMCR opened at $9.61 on Thursday. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 1.80. Amcor plc has a twelve month low of $8.78 and a twelve month high of $11.48. The business has a 50-day moving average price of $9.92 and a 200-day moving average price of $10.45. The firm has a market cap of $13.89 billion, a price-to-earnings ratio of 18.13, a price-to-earnings-growth ratio of 1.80 and a beta of 0.84.

Amcor (NYSE:AMCR) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.16 earnings per share 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 business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the company posted $0.16 EPS. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. As a group, equities research analysts predict that Amcor plc will post 0.74 EPS for the current fiscal year.

Amcor Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st were issued a dividend of $0.1275 per share. This represents a $0.51 annualized dividend and a dividend yield of 5.31%. The ex-dividend date was Thursday, November 21st. This is an increase from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio is 96.23%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Citigroup raised shares of Amcor from a “neutral” rating to a “buy” rating and upped their target price for the company from $11.00 to $12.00 in a report on Monday, January 6th. Wells Fargo & Company upped their price objective on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Bank of America upgraded Amcor from an “underperform” rating to a “buy” rating and set a $12.50 target price on the stock in a research report on Wednesday, December 11th. Truist Financial upgraded Amcor from a “hold” rating to a “buy” rating and upped their price target for the stock from $10.00 to $12.00 in a research report on Monday, January 6th. Finally, UBS Group raised Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.46.

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.