Associated Banc Corp Lowers Position in Amcor plc (NYSE:AMCR)

Associated Banc Corp cut its position in Amcor plc (NYSE:AMCR) by 2.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 321,175 shares of the company’s stock after selling 7,791 shares during the quarter. Associated Banc Corp’s holdings in Amcor were worth $3,639,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. M&G Plc increased its stake in shares of Amcor by 2,741.7% during the second quarter. M&G Plc now owns 47,164,358 shares of the company’s stock worth $471,644,000 after buying an additional 45,504,608 shares during the period. SteelPeak Wealth LLC purchased a new stake in shares of Amcor during the 2nd quarter worth $781,000. Cardinal Capital Management grew its stake in shares of Amcor by 832.2% during the second quarter. Cardinal Capital Management now owns 115,616 shares of the company’s stock worth $1,131,000 after purchasing an additional 103,213 shares in the last quarter. Natixis Advisors LLC increased its holdings in Amcor by 24.5% in the third quarter. Natixis Advisors LLC now owns 634,631 shares of the company’s stock valued at $7,190,000 after buying an additional 124,945 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Amcor by 11.6% in the second quarter. Dimensional Fund Advisors LP now owns 14,721,829 shares of the company’s stock valued at $143,989,000 after buying an additional 1,527,492 shares in the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Price Performance

Amcor stock opened at $10.48 on Tuesday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.74 and a current ratio of 1.29. The company has a market cap of $15.15 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 1.89 and a beta of 0.85. Amcor plc has a 1 year low of $8.78 and a 1 year high of $11.48. The firm has a 50 day moving average price of $10.84 and a 200 day moving average price of $10.51.

Amcor (NYSE:AMCR) last posted its earnings results on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.16. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The firm had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the company earned $0.16 EPS. The company’s revenue was down 2.6% on a year-over-year basis. Sell-side analysts predict 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 will be paid on Wednesday, December 11th. Investors of record on Thursday, November 21st will be issued a $0.1275 dividend. The ex-dividend date is Thursday, November 21st. This represents a $0.51 dividend on an annualized basis and a yield of 4.87%. This is an increase from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio is currently 96.23%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on AMCR shares. JPMorgan Chase & Co. boosted their price objective on Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a research note on Tuesday, August 13th. Wells Fargo & Company lifted their price objective on shares of Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Robert W. Baird increased their target price on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Finally, Citigroup boosted their price target on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Amcor has an average rating of “Hold” and a consensus target price of $10.94.

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.