Hsbc Holdings PLC Sells 226,786 Shares of Amcor plc (NYSE:AMCR)

Hsbc Holdings PLC trimmed its holdings in shares of Amcor plc (NYSE:AMCR) by 22.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 766,450 shares of the company’s stock after selling 226,786 shares during the period. Hsbc Holdings PLC owned about 0.05% of Amcor worth $7,503,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AMCR. Private Advisor Group LLC purchased a new stake in Amcor in the 4th quarter worth about $108,000. Norges Bank purchased a new stake in Amcor in the 4th quarter worth about $47,669,000. Coldstream Capital Management Inc. increased its holdings in Amcor by 13.9% in the 4th quarter. Coldstream Capital Management Inc. now owns 16,681 shares of the company’s stock worth $161,000 after acquiring an additional 2,038 shares during the last quarter. Assetmark Inc. grew its holdings in Amcor by 19.2% during the 4th quarter. Assetmark Inc. now owns 68,268 shares of the company’s stock valued at $658,000 after buying an additional 10,986 shares in the last quarter. Finally, TCW Group Inc. purchased a new position in Amcor during the 4th quarter valued at about $222,000. 45.14% of the stock is currently owned by institutional investors.

Amcor Stock Performance

NYSE:AMCR opened at $11.08 on Tuesday. The business has a 50 day moving average of $10.76 and a 200 day moving average of $10.04. The company has a market capitalization of $16.01 billion, a price-to-earnings ratio of 24.62, a PEG ratio of 2.68 and a beta of 0.85. Amcor plc has a 1-year low of $8.45 and a 1-year high of $11.45. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.17 and a quick ratio of 0.69.

Amcor (NYSE:AMCR) last released its earnings results on Thursday, August 15th. The company reported $0.21 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.21. The company had revenue of $3.54 billion during the quarter, compared to the consensus estimate of $1.30 billion. Amcor had a return on equity of 25.45% and a net margin of 5.35%. Amcor’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.19 EPS. On average, sell-side analysts predict that Amcor plc will post 0.75 earnings per share for the current fiscal year.

Amcor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, September 6th will be given a $0.125 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.50 dividend on an annualized basis and a yield of 4.51%. Amcor’s payout ratio is 111.11%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Amcor from $9.80 to $10.50 and gave the company an “equal weight” rating in a report on Friday, August 16th. Stifel Nicolaus assumed coverage on Amcor in a report on Tuesday, July 9th. They set a “hold” rating and a $10.80 target price for the company. JPMorgan Chase & Co. lifted their target price on Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a report on Tuesday, August 13th. Citigroup lifted their target price on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, Robert W. Baird lifted their target price on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Friday, August 16th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $10.73.

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.