Allstate Corp Raises Stock Position in Amcor PLC $AMCR

Allstate Corp grew its stake in Amcor PLC (NYSE:AMCR) by 115.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 198,603 shares of the company’s stock after buying an additional 106,406 shares during the quarter. Allstate Corp’s holdings in Amcor were worth $1,656,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Amcor by 8.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock worth $2,596,000 after buying an additional 20,757 shares in the last quarter. Focus Partners Wealth lifted its holdings in shares of Amcor by 11.3% in the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock worth $418,000 after acquiring an additional 4,396 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Amcor in the 2nd quarter worth approximately $138,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Amcor in the 2nd quarter worth approximately $6,426,000. Finally, CW Advisors LLC bought a new stake in shares of Amcor in the 2nd quarter worth approximately $228,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on AMCR shares. Weiss Ratings upgraded shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Robert W. Baird set a $54.00 price target on shares of Amcor in a report on Wednesday, February 4th. Truist Financial reiterated a “buy” rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Wells Fargo & Company set a $41.00 price target on shares of Amcor and gave the company an “equal weight” rating in a report on Wednesday, May 20th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Amcor in a report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Amcor presently has a consensus rating of “Moderate Buy” and an average price target of $49.33.

Amcor Stock Down 1.0%

Shares of Amcor stock opened at $39.26 on Friday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. The company has a 50-day moving average of $39.47 and a 200 day moving average of $42.30. The firm has a market cap of $18.15 billion, a price-to-earnings ratio of 27.46, a PEG ratio of 1.20 and a beta of 0.63. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.96. The company had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.71 billion. Amcor had a net margin of 3.06% and a return on equity of 14.55%. Amcor’s quarterly revenue was up 77.4% compared to the same quarter last year. During the same period last year, the business earned $0.90 EPS. As a group, sell-side analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Thursday, May 28th will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 6.6%. The ex-dividend date is Thursday, May 28th. Amcor’s dividend payout ratio (DPR) is presently 181.82%.

Amcor Company Profile

Amcor (NYSE: AMCR) is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company’s product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor’s packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.