Synovus Financial Corp Trims Stake in Amcor plc (NYSE:AMCR)

Synovus Financial Corp reduced its stake in Amcor plc (NYSE:AMCR) by 15.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,878 shares of the company’s stock after selling 2,000 shares during the quarter. Synovus Financial Corp’s holdings in Amcor were worth $123,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of AMCR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Amcor by 275.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,613,469 shares of the company’s stock worth $74,931,000 after buying an additional 4,851,222 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in 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 acquiring an additional 2,804,484 shares during the period. M&G PLC lifted its holdings 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 purchasing an additional 2,775,794 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Amcor by 356.1% in the second quarter. AQR Capital Management LLC now owns 2,930,317 shares of the company’s stock worth $28,659,000 after purchasing an additional 2,287,826 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Amcor by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 43,190,458 shares of the company’s stock worth $489,348,000 after purchasing an additional 1,960,308 shares in the last quarter. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Trading Down 0.4 %

Shares of Amcor stock opened at $9.40 on Friday. Amcor plc has a twelve month low of $8.78 and a twelve month high of $11.48. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 1.80. The business has a 50-day moving average price of $10.48 and a 200-day moving average price of $10.51. The firm has a market cap of $13.59 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 1.80 and a beta of 0.82.

Amcor (NYSE:AMCR) last posted its earnings results on Thursday, October 31st. The company reported $0.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.16. The firm had revenue of $3.35 billion for 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 business’s quarterly revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 EPS. Equities research analysts anticipate that Amcor plc will post 0.74 EPS for the current fiscal year.

Amcor Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st were given a dividend of $0.1275 per share. This is a boost from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, November 21st. This represents a $0.51 dividend on an annualized basis and a yield of 5.43%. Amcor’s payout ratio is 96.23%.

Analyst Upgrades and Downgrades

AMCR has been the topic of a number of analyst reports. Bank of America upgraded shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 target price on the stock in a research note on Wednesday, December 11th. Macquarie upgraded Amcor from a “neutral” rating to an “outperform” rating in a research report on Wednesday, November 27th. UBS Group upgraded Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Finally, Wells Fargo & Company boosted their price target on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Amcor presently has an average rating of “Moderate Buy” and an average target price of $11.20.

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.