MetLife Investment Management LLC Cuts Stock Holdings in Amcor plc (NYSE:AMCR)

MetLife Investment Management LLC lowered its position in shares of Amcor plc (NYSE:AMCR) by 2.5% in the third quarter, Holdings Channel.com reports. The fund owned 375,696 shares of the company’s stock after selling 9,686 shares during the quarter. MetLife Investment Management LLC’s holdings in Amcor were worth $4,257,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CreativeOne Wealth LLC boosted its position in Amcor by 37.3% during the third quarter. CreativeOne Wealth LLC now owns 119,369 shares of the company’s stock worth $1,352,000 after acquiring an additional 32,453 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Amcor by 39,411.0% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,811,600 shares of the company’s stock worth $31,855,000 after purchasing an additional 2,804,484 shares during the last quarter. Glenmede Trust Co. NA boosted its holdings in shares of Amcor by 153.4% during the 3rd quarter. Glenmede Trust Co. NA now owns 84,163 shares of the company’s stock worth $954,000 after purchasing an additional 50,949 shares during the last quarter. Townsquare Capital LLC grew its position in shares of Amcor by 10.6% in the third quarter. Townsquare Capital LLC now owns 49,105 shares of the company’s stock valued at $556,000 after purchasing an additional 4,700 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of Amcor by 5.6% in the third quarter. FMR LLC now owns 2,389,346 shares of the company’s stock valued at $27,071,000 after purchasing an additional 126,844 shares during the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Stock Up 1.3 %

Shares of NYSE:AMCR opened at $10.64 on Monday. The business has a 50-day moving average price of $10.80 and a 200 day moving average price of $10.51. Amcor plc has a 12-month low of $8.78 and a 12-month high of $11.48. 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 company has a market capitalization of $15.38 billion, a price-to-earnings ratio of 20.08, a PEG ratio of 1.92 and a beta of 0.85.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) 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 business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the firm earned $0.16 EPS. The business’s revenue was down 2.6% on a year-over-year basis. Sell-side analysts expect that Amcor plc will post 0.74 EPS for the current year.

Amcor Increases Dividend

The company 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. This is a positive change from Amcor’s previous quarterly dividend of $0.13. This represents a $0.51 annualized dividend and a dividend yield of 4.79%. The ex-dividend date of this dividend is Thursday, November 21st. Amcor’s dividend payout ratio (DPR) is currently 96.23%.

Analyst Ratings Changes

A number of equities analysts have weighed in on AMCR shares. Macquarie raised Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. Citigroup boosted their price target on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Robert W. Baird raised their price objective on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Wells Fargo & Company boosted their target price 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. Finally, JPMorgan Chase & Co. increased their price target 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 two have given a buy rating to the company. According to data from MarketBeat.com, Amcor currently has an average rating of “Hold” and an average price target of $10.94.

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.