Geode Capital Management LLC Grows Position in Amcor PLC $AMCR

Geode Capital Management LLC lifted its holdings in shares of Amcor PLC (NYSE:AMCR) by 0.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,202,708 shares of the company’s stock after buying an additional 262,418 shares during the period. Geode Capital Management LLC owned approximately 13.90% of Amcor worth $533,487,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Allstate Corp boosted its position in shares of Amcor by 115.4% during the fourth quarter. Allstate Corp now owns 198,603 shares of the company’s stock valued at $1,656,000 after buying an additional 106,406 shares during the last quarter. Summitry LLC purchased a new position in Amcor in the fourth quarter worth about $152,000. CYBER HORNET ETFs LLC boosted its position in Amcor by 11.1% in the fourth quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company’s stock worth $37,000 after purchasing an additional 447 shares during the last quarter. Legal & General Group Plc boosted its position in Amcor by 4.9% in the fourth quarter. Legal & General Group Plc now owns 14,647,689 shares of the company’s stock worth $122,162,000 after purchasing an additional 679,653 shares during the last quarter. Finally, Morningstar Investment Management LLC boosted its position in Amcor by 15.0% in the fourth quarter. Morningstar Investment Management LLC now owns 449,457 shares of the company’s stock worth $3,748,000 after purchasing an additional 58,646 shares during the last quarter. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Stock Down 1.0%

NYSE AMCR opened at $38.87 on Friday. The stock’s 50-day moving average price is $39.45 and its 200-day moving average price is $42.27. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. Amcor PLC has a 52 week low of $36.25 and a 52 week high of $50.94. The company has a market capitalization of $17.97 billion, a P/E ratio of 27.18, a price-to-earnings-growth ratio of 1.17 and a beta of 0.63.

Amcor (NYSE:AMCR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting the consensus estimate of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The firm had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter last year, the company earned $0.90 earnings per share. The business’s revenue for the quarter was up 77.4% compared to the same quarter last year. On average, equities research analysts predict that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 6.7%. Amcor’s dividend payout ratio (DPR) is 181.82%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Amcor in a research report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 target price on the stock. Truist Financial reissued a “buy” rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wells Fargo & Company set a $41.00 target price on Amcor and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. Finally, Robert W. Baird set a $54.00 target price on Amcor in a research report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Amcor has an average rating of “Moderate Buy” and a consensus target price of $49.33.

About Amcor

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.