Verdence Capital Advisors LLC Cuts Stake in Amcor plc (NYSE:AMCR)

Verdence Capital Advisors LLC cut its holdings in shares of Amcor plc (NYSE:AMCR) by 8.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 103,554 shares of the company’s stock after selling 9,211 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Amcor were worth $1,173,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Lake Street Advisors Group LLC raised its position in Amcor by 8.4% in the 3rd quarter. Lake Street Advisors Group LLC now owns 12,210 shares of the company’s stock worth $138,000 after purchasing an additional 946 shares during the period. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Amcor by 9.6% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 11,646 shares of the company’s stock worth $132,000 after buying an additional 1,023 shares during the period. NorthRock Partners LLC lifted its stake in shares of Amcor by 2.0% in the 1st quarter. NorthRock Partners LLC now owns 54,237 shares of the company’s stock valued at $516,000 after acquiring an additional 1,050 shares during the last quarter. Forum Financial Management LP lifted its stake in shares of Amcor by 7.7% in the 3rd quarter. Forum Financial Management LP now owns 14,761 shares of the company’s stock valued at $167,000 after acquiring an additional 1,058 shares during the last quarter. Finally, Quent Capital LLC boosted its holdings in Amcor by 51.8% during the 2nd quarter. Quent Capital LLC now owns 3,638 shares of the company’s stock valued at $36,000 after acquiring an additional 1,241 shares during the period. 45.14% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AMCR has been the subject of several recent research reports. Wells Fargo & Company boosted their price objective on Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. Robert W. Baird upped their price target on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Friday, August 16th. Citigroup raised their price target on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a research note on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $10.94.

Amcor Stock Performance

NYSE:AMCR opened at $10.22 on Friday. The company has a quick ratio of 0.42, a current ratio of 1.29 and a debt-to-equity ratio of 1.80. The firm’s fifty day simple moving average is $11.03 and its 200 day simple moving average is $10.44. The stock has a market cap of $14.77 billion, a P/E ratio of 19.28, a price-to-earnings-growth ratio of 1.83 and a beta of 0.85. Amcor plc has a twelve month low of $8.78 and a twelve month high of $11.48.

Amcor (NYSE:AMCR) last announced its earnings results on Thursday, October 31st. The company reported $0.16 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.16. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the previous year, the firm posted $0.16 EPS. The company’s revenue for the quarter was down 2.6% compared to the same quarter last year. As a group, research analysts predict that Amcor plc will post 0.74 EPS for the current year.

Amcor Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st will be issued a dividend of $0.1275 per share. This is an increase from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.51 dividend on an annualized basis and a dividend yield of 4.99%. Amcor’s dividend payout ratio is 94.34%.

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.