Amcor plc (NYSE:AMCR – Get Rating) saw a significant drop in short interest in September. As of September 15th, there was short interest totalling 32,990,000 shares, a drop of 8.9% from the August 31st total of 36,200,000 shares. Based on an average trading volume of 8,840,000 shares, the days-to-cover ratio is currently 3.7 days. Approximately 2.2% of the shares of the company are short sold.
Wall Street Analyst Weigh In
Several brokerages recently commented on AMCR. Jefferies Financial Group cut Amcor from a "hold" rating to an "underperform" rating in a research report on Thursday, August 18th. Macquarie lowered Amcor from an "outperform" rating to a "neutral" rating in a research note on Thursday, August 18th. CLSA started coverage on Amcor in a research note on Tuesday, July 19th. They set a "buy" rating on the stock. Finally, Morgan Stanley lowered Amcor from an "overweight" rating to an "equal weight" rating in a research note on Thursday, August 4th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, Amcor currently has an average rating of "Hold" and an average target price of $12.15.
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Insider Activity at Amcor
In related news, insider Louis Fred Stephan sold 29,762 shares of Amcor stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $12.63, for a total transaction of $375,894.06. Following the completion of the transaction, the insider now directly owns 108,598 shares in the company, valued at $1,371,592.74. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Ronald Stephen Delia sold 177,185 shares of the business's stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $12.41, for a total value of $2,198,865.85. Following the completion of the sale, the chief executive officer now directly owns 1,700,000 shares in the company, valued at $21,097,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Louis Fred Stephan sold 29,762 shares of the business's stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $12.63, for a total value of $375,894.06. Following the completion of the sale, the insider now owns 108,598 shares of the company's stock, valued at $1,371,592.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,905,114 shares of company stock worth $35,840,080. 0.28% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Amcor
Several hedge funds have recently bought and sold shares of the company. Hexagon Capital Partners LLC grew its position in shares of Amcor by 1,680.9% in the second quarter. Hexagon Capital Partners LLC now owns 2,422 shares of the company's stock valued at $30,000 after purchasing an additional 2,286 shares during the period. First Horizon Advisors Inc. grew its position in shares of Amcor by 81.2% in the second quarter. First Horizon Advisors Inc. now owns 3,076 shares of the company's stock valued at $37,000 after purchasing an additional 1,378 shares during the period. Clear Street Markets LLC grew its position in shares of Amcor by 406.6% in the second quarter. Clear Street Markets LLC now owns 3,141 shares of the company's stock valued at $39,000 after purchasing an additional 2,521 shares during the period. AdvisorNet Financial Inc boosted its holdings in Amcor by 24,433.3% in the first quarter. AdvisorNet Financial Inc now owns 3,680 shares of the company's stock valued at $42,000 after acquiring an additional 3,665 shares during the last quarter. Finally, Cornerstone Advisory LLC acquired a new position in Amcor in the fourth quarter valued at $46,000. 47.76% of the stock is owned by hedge funds and other institutional investors.
Amcor Stock Down 0.2 %
NYSE AMCR traded down $0.02 during trading hours on Friday, hitting $10.73. 9,823,618 shares of the company were exchanged, compared to its average volume of 6,890,525. The company has a 50 day moving average of $12.18 and a two-hundred day moving average of $12.24. The company has a quick ratio of 0.67, a current ratio of 1.15 and a debt-to-equity ratio of 1.53. Amcor has a 52-week low of $10.56 and a 52-week high of $13.60. The firm has a market cap of $15.98 billion, a price-to-earnings ratio of 20.25, a PEG ratio of 2.14 and a beta of 0.77.
Amcor (NYSE:AMCR – Get Rating) last announced its earnings results on Wednesday, August 17th. The company reported $0.24 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.24. Amcor had a return on equity of 27.37% and a net margin of 5.53%. The firm had revenue of $3.91 billion during the quarter, compared to analysts' expectations of $3.82 billion. During the same period in the prior year, the firm earned $0.23 EPS. Equities research analysts anticipate that Amcor will post 0.81 earnings per share for the current year.
Amcor Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 28th. Investors of record on Thursday, September 8th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend was Wednesday, September 7th. Amcor's payout ratio is currently 90.57%.
About Amcor
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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.
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