Amcor PLC $AMCR Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc boosted its position in Amcor PLC (NYSE:AMCR) by 25.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 771,001 shares of the company’s stock after acquiring an additional 155,909 shares during the quarter. CIBC Asset Management Inc owned 0.17% of Amcor worth $6,430,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its holdings in Amcor by 12.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 14,328,439 shares of the company’s stock valued at $119,499,000 after acquiring an additional 1,603,673 shares during the last quarter. Natixis Advisors LLC increased its position in shares of Amcor by 65.4% during the fourth quarter. Natixis Advisors LLC now owns 273,484 shares of the company’s stock worth $2,281,000 after acquiring an additional 108,116 shares during the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Amcor by 12.1% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 5,290,532 shares of the company’s stock worth $44,123,000 after acquiring an additional 572,832 shares during the last quarter. Essex Financial Services Inc. purchased a new stake in shares of Amcor during the fourth quarter worth about $609,000. Finally, MUFG Securities EMEA plc increased its holdings in Amcor by 114.4% in the fourth quarter. MUFG Securities EMEA plc now owns 94,617 shares of the company’s stock valued at $789,000 after buying an additional 50,491 shares during the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AMCR. Truist Financial reissued a “buy” rating and issued a $51.00 price objective (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Wells Fargo & Company set a $41.00 price objective on Amcor and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. JPMorgan Chase & Co. reduced their price objective on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 target price for the company. Finally, Citigroup cut their target price on Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.33.

Amcor Price Performance

Shares of NYSE:AMCR opened at $38.13 on Friday. The company’s fifty day moving average is $39.33 and its two-hundred day moving average is $42.12. 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 12-month low of $36.25 and a 12-month high of $50.94. The company has a market cap of $17.63 billion, a P/E ratio of 26.67, a price-to-earnings-growth ratio of 1.15 and a beta of 0.64.

Amcor (NYSE:AMCR) last announced its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The company had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the previous year, the business earned $0.90 EPS. The company’s revenue was up 77.4% on a year-over-year basis. Equities analysts expect that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 6.8%. Amcor’s dividend payout ratio is 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.