Palisade Asset Management LLC Lowers Stock Position in Amcor plc (NYSE:AMCR)

Palisade Asset Management LLC decreased its position in Amcor plc (NYSE:AMCR) by 67.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 59,888 shares of the company’s stock after selling 125,691 shares during the period. Palisade Asset Management LLC’s holdings in Amcor were worth $577,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Private Advisor Group LLC acquired a new stake in Amcor in the 4th quarter valued at $108,000. Merit Financial Group LLC acquired a new stake in shares of Amcor in the fourth quarter valued at about $156,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of Amcor by 40,096.8% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 50,246 shares of the company’s stock worth $484,000 after purchasing an additional 50,121 shares in the last quarter. Natixis Advisors L.P. raised its position in shares of Amcor by 498.1% during the 4th quarter. Natixis Advisors L.P. now owns 224,521 shares of the company’s stock worth $2,164,000 after purchasing an additional 186,982 shares during the last quarter. Finally, First Trust Direct Indexing L.P. lifted its stake in Amcor by 66.7% in the 4th quarter. First Trust Direct Indexing L.P. now owns 34,529 shares of the company’s stock valued at $333,000 after buying an additional 13,812 shares in the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Trading Up 0.3 %

Shares of NYSE:AMCR traded up $0.04 during mid-day trading on Tuesday, reaching $10.13. 7,155,586 shares of the company were exchanged, compared to its average volume of 8,716,030. The firm has a market cap of $14.63 billion, a price-to-earnings ratio of 22.50, a P/E/G ratio of 5.48 and a beta of 0.79. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.29 and a quick ratio of 0.75. Amcor plc has a 1 year low of $8.45 and a 1 year high of $10.53. The firm’s 50-day simple moving average is $9.27 and its 200 day simple moving average is $9.32.

Amcor (NYSE:AMCR) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. Amcor had a return on equity of 24.66% and a net margin of 4.75%. 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 prior year, the firm posted $0.18 EPS. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. Equities research analysts forecast that Amcor plc will post 0.69 EPS for the current year.

Amcor Announces Dividend

The firm 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. The ex-dividend date is Tuesday, May 21st. This represents a $0.50 annualized dividend and a dividend yield of 4.94%. Amcor’s payout ratio is 111.11%.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. upped their target price on shares of Amcor from $9.90 to $10.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st.

Amcor Company 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.