Amcor PLC $AMCR Shares Acquired by Bank of Nova Scotia

Bank of Nova Scotia lifted its stake in Amcor PLC (NYSE:AMCR) by 556.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,187,987 shares of the company’s stock after buying an additional 1,007,136 shares during the period. Bank of Nova Scotia’s holdings in Amcor were worth $10,918,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Amcor by 61.8% during the second quarter. Vanguard Group Inc. now owns 110,228,036 shares of the company’s stock worth $1,012,996,000 after buying an additional 42,122,135 shares in the last quarter. M&G PLC lifted its holdings in shares of Amcor by 23.4% in the second quarter. M&G PLC now owns 85,596,005 shares of the company’s stock worth $770,364,000 after buying an additional 16,212,783 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Amcor by 62.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 80,770,303 shares of the company’s stock valued at $742,279,000 after acquiring an additional 30,938,660 shares in the last quarter. Geode Capital Management LLC increased its stake in Amcor by 55.3% in the second quarter. Geode Capital Management LLC now owns 58,845,923 shares of the company’s stock valued at $538,551,000 after acquiring an additional 20,946,520 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Amcor by 8.9% in the 2nd quarter. Invesco Ltd. now owns 36,265,207 shares of the company’s stock worth $333,277,000 after buying an additional 2,950,920 shares during the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Stock Up 1.2%

NYSE AMCR opened at $8.21 on Thursday. The company has a market capitalization of $18.92 billion, a P/E ratio of 24.13, a price-to-earnings-growth ratio of 0.80 and a beta of 0.68. The company has a quick ratio of 0.62, a current ratio of 1.04 and a debt-to-equity ratio of 1.09. The stock’s 50-day moving average price is $8.24 and its 200-day moving average price is $8.74. Amcor PLC has a 52 week low of $7.66 and a 52 week high of $10.45.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.19 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.19. Amcor had a return on equity of 17.35% and a net margin of 3.34%.The business had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the prior year, the firm posted $0.16 earnings per share. The business’s quarterly revenue was up 71.3% on a year-over-year basis. On average, equities research analysts predict that Amcor PLC will post 0.74 earnings per share for the current year.

Amcor Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Friday, November 28th will be paid a $0.13 dividend. This is a boost from Amcor’s previous quarterly dividend of $0.13. This represents a $0.52 annualized dividend and a yield of 6.3%. The ex-dividend date is Friday, November 28th. Amcor’s payout ratio is currently 152.94%.

Wall Street Analysts Forecast Growth

AMCR has been the subject of a number of analyst reports. Robert W. Baird decreased their target price on shares of Amcor from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Friday, August 15th. Stifel Nicolaus upgraded shares of Amcor from a “hold” rating to a “buy” rating and set a $10.20 price objective for the company in a research note on Friday, October 10th. Wells Fargo & Company decreased their price objective on shares of Amcor from $11.00 to $9.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 15th. JPMorgan Chase & Co. initiated coverage on shares of Amcor in a report on Friday, September 19th. They issued an “overweight” rating and a $10.00 price target on the stock. Finally, The Goldman Sachs Group assumed coverage on Amcor in a report on Wednesday, September 10th. They issued a “buy” rating for the company. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $10.71.

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.