Keudell Morrison Wealth Management Sells 3,495 Shares of Amcor plc (NYSE:AMCR)

Keudell Morrison Wealth Management cut its stake in Amcor plc (NYSE:AMCR) by 13.7% in the third quarter, HoldingsChannel.com reports. The fund owned 21,926 shares of the company’s stock after selling 3,495 shares during the period. Keudell Morrison Wealth Management’s holdings in Amcor were worth $248,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Principal Financial Group Inc. grew its stake in shares of Amcor by 5.7% in the third quarter. Principal Financial Group Inc. now owns 1,969,613 shares of the company’s stock worth $22,316,000 after acquiring an additional 105,457 shares during the period. M&G PLC grew its position in Amcor by 5.9% during the third quarter. M&G PLC now owns 49,940,152 shares of the company’s stock valued at $549,342,000 after buying an additional 2,775,794 shares during the period. National Pension Service grew its position in Amcor by 18.5% during the third quarter. National Pension Service now owns 2,834,506 shares of the company’s stock valued at $32,115,000 after buying an additional 442,129 shares during the period. Forum Financial Management LP grew its position in Amcor by 7.7% during the third quarter. Forum Financial Management LP now owns 14,761 shares of the company’s stock valued at $167,000 after buying an additional 1,058 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its position in Amcor by 28.5% during the third quarter. Robeco Institutional Asset Management B.V. now owns 490,628 shares of the company’s stock valued at $5,559,000 after buying an additional 108,851 shares during the period. 45.14% of the stock is currently owned by institutional investors.

Amcor Stock Performance

AMCR opened at $10.21 on Friday. Amcor plc has a 1-year low of $8.78 and a 1-year high of $11.48. The company has a 50 day simple moving average of $11.08 and a two-hundred day simple moving average of $10.44. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.29 and a quick ratio of 0.42. The firm has a market cap of $14.76 billion, a P/E ratio of 19.26, a PEG ratio of 1.83 and a beta of 0.85.

Amcor (NYSE:AMCR) last released its earnings results on Thursday, October 31st. The company reported $0.16 EPS for the quarter, hitting the consensus estimate 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 the consensus estimate of $1.33 billion. During the same quarter in the previous year, the firm earned $0.16 earnings per share. The company’s quarterly revenue was down 2.6% compared to the same quarter last year. Equities analysts forecast that Amcor plc will post 0.74 earnings per share for the current fiscal year.

Amcor Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Thursday, November 21st will be issued a $0.1275 dividend. This represents a $0.51 annualized dividend and a dividend yield of 5.00%. The ex-dividend date of this dividend is Thursday, November 21st. This is an increase from Amcor’s previous quarterly dividend of $0.13. Amcor’s payout ratio is 94.34%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a research report on Tuesday, August 13th. Citigroup boosted 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 Tuesday, August 20th. Robert W. Baird upped their price target 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. Finally, Wells Fargo & Company upped their price target on shares of Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $10.94.

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.