Retirement Systems of Alabama Lowers Stock Position in Amcor plc (NYSE:AMCR)

Retirement Systems of Alabama lowered its position in shares of Amcor plc (NYSE:AMCR) by 0.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 312,929 shares of the company’s stock after selling 1,963 shares during the quarter. Retirement Systems of Alabama’s holdings in Amcor were worth $2,945,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. McAdam LLC purchased a new position in Amcor during the fourth quarter valued at $185,000. Forsta AP Fonden lifted its position in Amcor by 3.1% during the fourth quarter. Forsta AP Fonden now owns 683,600 shares of the company’s stock valued at $6,433,000 after buying an additional 20,600 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in Amcor by 12.2% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 550,677 shares of the company’s stock valued at $5,182,000 after buying an additional 60,049 shares during the period. Pacer Advisors Inc. lifted its position in Amcor by 22.9% during the fourth quarter. Pacer Advisors Inc. now owns 208,271 shares of the company’s stock valued at $1,960,000 after buying an additional 38,869 shares during the period. Finally, KBC Group NV lifted its position in Amcor by 7.2% during the fourth quarter. KBC Group NV now owns 3,152,034 shares of the company’s stock valued at $29,660,000 after buying an additional 211,850 shares during the period. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Analysts Set New Price Targets

AMCR has been the subject of several analyst reports. Bank of America upgraded Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price target for the company in a report on Wednesday, December 11th. Truist Financial upgraded Amcor from a “hold” rating to a “buy” rating and raised their price target for the company from $10.00 to $12.00 in a report on Monday, January 6th. Wells Fargo & Company raised their price target on Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Macquarie upgraded Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. Finally, Citigroup upgraded Amcor from a “neutral” rating to a “buy” rating and raised their price target for the company from $11.00 to $12.00 in a report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.46.

Amcor Price Performance

NYSE AMCR opened at $10.02 on Wednesday. Amcor plc has a one year low of $8.78 and a one year high of $11.48. The stock has a 50-day moving average of $9.73 and a 200 day moving average of $10.44. The company has a market capitalization of $14.48 billion, a price-to-earnings ratio of 18.21, a PEG ratio of 1.92 and a beta of 0.84. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.74 and a current ratio of 1.26.

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

Amcor Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Wednesday, February 26th will be given a $0.1275 dividend. The ex-dividend date is Wednesday, February 26th. This represents a $0.51 annualized dividend and a yield of 5.09%. Amcor’s payout ratio is 92.73%.

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.