Sompo Asset Management Co. Ltd. Decreases Stake in Amcor plc (NYSE:AMCR)

Sompo Asset Management Co. Ltd. trimmed its holdings in Amcor plc (NYSE:AMCR) by 3.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 468,400 shares of the company’s stock after selling 14,650 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Amcor were worth $4,581,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. M&G Plc grew its stake in shares of Amcor by 2,741.7% in the second quarter. M&G Plc now owns 47,164,358 shares of the company’s stock valued at $471,644,000 after buying an additional 45,504,608 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Amcor during the 4th quarter worth $155,438,000. Norges Bank acquired a new position in Amcor during the fourth quarter worth $47,669,000. Price T Rowe Associates Inc. MD boosted its position in shares of Amcor by 11.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,604,159 shares of the company’s stock worth $195,946,000 after purchasing an additional 2,086,698 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Amcor by 11.6% during the second quarter. Dimensional Fund Advisors LP now owns 14,721,829 shares of the company’s stock worth $143,989,000 after buying an additional 1,527,492 shares during the period. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AMCR. JPMorgan Chase & Co. increased 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 raised 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. Robert W. Baird upped their target price on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Citigroup lifted their price target on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, Stifel Nicolaus initiated coverage on Amcor in a research note on Tuesday, July 9th. They issued a “hold” rating and a $10.80 price target on the stock. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $10.73.

Amcor Price Performance

Shares of NYSE AMCR opened at $10.90 on Friday. The company has a current ratio of 1.17, a quick ratio of 0.69 and a debt-to-equity ratio of 1.67. The company has a market capitalization of $15.75 billion, a price-to-earnings ratio of 24.22, a price-to-earnings-growth ratio of 2.68 and a beta of 0.85. Amcor plc has a twelve month low of $8.45 and a twelve month high of $11.45. The business has a 50 day simple moving average of $10.73 and a 200-day simple moving average of $10.02.

Amcor (NYSE:AMCR) last posted its quarterly earnings results on Thursday, August 15th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. Amcor had a net margin of 5.35% and a return on equity of 25.45%. The company had revenue of $3.54 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period last year, the firm posted $0.19 EPS. The company’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, equities research analysts expect that Amcor plc will post 0.75 earnings per share for the current year.

Amcor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, September 6th will be given a dividend of $0.125 per share. The ex-dividend date is Friday, September 6th. This represents a $0.50 dividend on an annualized basis and a yield of 4.59%. Amcor’s dividend payout ratio is currently 111.11%.

About Amcor

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.