Diversify Advisory Services LLC Reduces Stock Position in Amcor plc (NYSE:AMCR)

Diversify Advisory Services LLC reduced its holdings in Amcor plc (NYSE:AMCR) by 54.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 83,224 shares of the company’s stock after selling 97,691 shares during the quarter. Diversify Advisory Services LLC’s holdings in Amcor were worth $783,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in AMCR. Diversify Wealth Management LLC boosted its holdings in Amcor by 101.5% in the fourth quarter. Diversify Wealth Management LLC now owns 318,849 shares of the company’s stock valued at $3,000,000 after acquiring an additional 160,579 shares in the last quarter. HB Wealth Management LLC increased its position in shares of Amcor by 41.0% during the fourth quarter. HB Wealth Management LLC now owns 68,466 shares of the company’s stock valued at $644,000 after buying an additional 19,915 shares during the period. Financial & Tax Architects LLC raised its stake in Amcor by 12.8% in the fourth quarter. Financial & Tax Architects LLC now owns 56,579 shares of the company’s stock worth $532,000 after buying an additional 6,434 shares in the last quarter. Merit Financial Group LLC purchased a new stake in Amcor in the fourth quarter worth about $127,000. Finally, Hennion & Walsh Asset Management Inc. boosted its position in Amcor by 5.5% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 156,111 shares of the company’s stock valued at $1,469,000 after acquiring an additional 8,078 shares in the last quarter. 45.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AMCR. Wells Fargo & Company raised their target price on Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Citigroup raised shares of Amcor from a “neutral” rating to a “buy” rating and lifted their price target for the company from $11.00 to $12.00 in a research report on Monday, January 6th. Bank of America upgraded Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price target on the stock in a research note on Wednesday, December 11th. Truist Financial upgraded Amcor from a “hold” rating to a “buy” rating and lifted their price objective for the company from $10.00 to $12.00 in a research note on Monday, January 6th. Finally, UBS Group upgraded Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.46.

Amcor Price Performance

NYSE AMCR opened at $9.79 on Wednesday. The stock has a 50-day moving average of $9.88 and a 200 day moving average of $10.45. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.74 and a current ratio of 1.29. The company has a market capitalization of $14.14 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 1.75 and a beta of 0.84. Amcor plc has a one year low of $8.78 and a one year high of $11.48.

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

Amcor Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 11th. Stockholders of record on Thursday, November 21st were given a dividend of $0.1275 per share. The ex-dividend date was Thursday, November 21st. This represents a $0.51 annualized dividend and a dividend yield of 5.21%. This is a positive change from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio is presently 96.23%.

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.