Envestnet Asset Management Inc. Sells 143,231 Shares of Amcor plc (NYSE:AMCR)

Envestnet Asset Management Inc. trimmed its stake in Amcor plc (NYSE:AMCR) by 4.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 3,063,489 shares of the company’s stock after selling 143,231 shares during the period. Envestnet Asset Management Inc.’s holdings in Amcor were worth $28,827,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Amcor by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 58,986,593 shares of the company’s stock worth $555,064,000 after buying an additional 1,249,868 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Amcor by 6.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 46,052,929 shares of the company’s stock worth $433,358,000 after acquiring an additional 2,862,471 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Amcor by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 36,856,793 shares of the company’s stock worth $345,952,000 after purchasing an additional 539,756 shares during the period. Wellington Management Group LLP grew its holdings in Amcor by 25.1% during the 4th quarter. Wellington Management Group LLP now owns 27,971,885 shares of the company’s stock valued at $263,215,000 after purchasing an additional 5,614,233 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Amcor by 1.0% in the 4th quarter. JPMorgan Chase & Co. now owns 8,881,049 shares of the company’s stock worth $83,571,000 after purchasing an additional 86,456 shares during the period. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Insider Transactions at Amcor

In related news, Director Achal Agarwal bought 10,000 shares of the company’s stock in a transaction on Thursday, February 27th. The shares were bought at an average price of $10.10 per share, with a total value of $101,000.00. Following the transaction, the director now owns 88,967 shares in the company, valued at approximately $898,566.70. This trade represents a 12.66 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.60% of the company’s stock.

Amcor Stock Performance

AMCR stock opened at $9.34 on Friday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.71 and a current ratio of 1.26. The firm has a market cap of $13.49 billion, a price-to-earnings ratio of 16.97, a PEG ratio of 1.96 and a beta of 0.78. The firm has a 50-day simple moving average of $9.79 and a two-hundred day simple moving average of $10.09. Amcor plc has a one year low of $8.37 and a one year high of $11.48.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. Amcor had a net margin of 5.89% and a return on equity of 26.14%. The business had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same period in the previous year, the company earned $0.09 earnings per share. The business’s revenue for the quarter was down .3% on a year-over-year basis. On average, equities analysts forecast that Amcor plc will post 0.74 EPS for the current fiscal year.

Amcor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Wednesday, February 26th were paid a dividend of $0.1275 per share. The ex-dividend date was Wednesday, February 26th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.46%. Amcor’s payout ratio is 92.73%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group raised Amcor from a “hold” rating to a “buy” rating in a research note on Monday, February 3rd. Truist Financial raised shares of Amcor from a “hold” rating to a “buy” rating and boosted their target price for the company from $10.00 to $12.00 in a research note on Monday, January 6th. Finally, Citigroup upgraded shares of Amcor from a “neutral” rating to a “buy” rating and upped their price target for the stock from $11.00 to $12.00 in a report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average 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.