PNC Financial Services Group Inc. Has $2.91 Million Holdings in Amcor plc (NYSE:AMCR)

PNC Financial Services Group Inc. cut its holdings in shares of Amcor plc (NYSE:AMCR) by 1.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 256,563 shares of the company’s stock after selling 4,819 shares during the period. PNC Financial Services Group Inc.’s holdings in Amcor were worth $2,907,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of AMCR. Thrivent Financial for Lutherans raised its stake in shares of Amcor by 1.9% in the third quarter. Thrivent Financial for Lutherans now owns 163,234 shares of the company’s stock worth $1,850,000 after acquiring an additional 3,019 shares during the last quarter. Claro Advisors LLC acquired a new stake in shares of Amcor in the third quarter valued at approximately $152,000. Atlanta Consulting Group Advisors LLC bought a new position in Amcor in the 3rd quarter worth approximately $399,000. Natixis Advisors LLC raised its position in Amcor by 24.5% in the 3rd quarter. Natixis Advisors LLC now owns 634,631 shares of the company’s stock worth $7,190,000 after purchasing an additional 124,945 shares during the last quarter. Finally, Empowered Funds LLC lifted its holdings in Amcor by 6.0% during the 3rd quarter. Empowered Funds LLC now owns 133,379 shares of the company’s stock worth $1,511,000 after buying an additional 7,507 shares in the last quarter. Institutional investors own 45.14% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on AMCR shares. Citigroup boosted their target price on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. 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 report on Friday, August 16th. JPMorgan Chase & Co. lifted their price target on shares of Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a research report on Tuesday, August 13th. Finally, Wells Fargo & Company increased their price objective on shares of 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 issued a buy rating to the company’s stock. According to MarketBeat.com, Amcor currently has a consensus rating of “Hold” and an average price target of $10.94.

Amcor Price Performance

Amcor stock opened at $10.48 on Tuesday. 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 firm has a market capitalization of $15.15 billion, a P/E ratio of 19.77, a PEG ratio of 1.89 and a beta of 0.85. The business has a 50-day moving average of $10.84 and a 200-day moving average of $10.51. Amcor plc has a 1 year low of $8.78 and a 1 year high of $11.48.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.16. The firm had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.16 earnings per share. On average, equities analysts anticipate that Amcor plc will post 0.74 EPS for the current year.

Amcor Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Thursday, November 21st will be given a dividend of $0.1275 per share. The ex-dividend date is Thursday, November 21st. This represents a $0.51 dividend on an annualized basis and a dividend yield of 4.87%. This is a positive change from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio (DPR) is currently 96.23%.

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.