Sumitomo Mitsui Trust Group Inc. Trims Holdings in Amcor plc (NYSE:AMCR)

Sumitomo Mitsui Trust Group Inc. trimmed its position in Amcor plc (NYSE:AMCR) by 1.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,464,540 shares of the company’s stock after selling 42,887 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Amcor worth $39,253,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Lake Street Advisors Group LLC grew its holdings in Amcor by 8.4% during 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 holdings in Amcor by 9.6% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 11,646 shares of the company’s stock worth $132,000 after acquiring an additional 1,023 shares during the period. Forum Financial Management LP grew its holdings in Amcor by 7.7% during the third quarter. Forum Financial Management LP now owns 14,761 shares of the company’s stock worth $167,000 after acquiring an additional 1,058 shares during the period. Quent Capital LLC grew its holdings in Amcor by 51.8% during the second quarter. Quent Capital LLC now owns 3,638 shares of the company’s stock worth $36,000 after acquiring an additional 1,241 shares during the period. Finally, Arkadios Wealth Advisors grew its holdings in Amcor by 5.3% during the second quarter. Arkadios Wealth Advisors now owns 25,597 shares of the company’s stock worth $250,000 after acquiring an additional 1,298 shares during the period. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Stock Up 0.4 %

Shares of AMCR opened at $10.22 on Friday. The company has a current ratio of 1.29, a quick ratio of 0.74 and a debt-to-equity ratio of 1.80. The stock’s 50 day moving average is $10.94 and its two-hundred day moving average is $10.48. The firm has a market cap of $14.77 billion, a P/E ratio of 19.28, a PEG ratio of 1.82 and a beta of 0.85. Amcor plc has a 12 month low of $8.78 and a 12 month high of $11.48.

Amcor (NYSE:AMCR) last issued its quarterly 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. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $1.33 billion. Amcor had a return on equity of 25.60% and a net margin of 5.68%. The business’s revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 earnings per share. Analysts predict that Amcor plc will post 0.74 earnings per share for the current fiscal year.

Amcor Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Thursday, November 21st will be paid a $0.1275 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This is a positive change from Amcor’s previous quarterly dividend of $0.13. This represents a $0.51 dividend on an annualized basis and a dividend yield of 4.99%. Amcor’s payout ratio is currently 94.34%.

Wall Street Analyst Weigh In

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

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.