Alpine Global Management LLC Increases Stock Holdings in Amcor PLC $AMCR

Alpine Global Management LLC raised its position in Amcor PLC (NYSE:AMCR) by 13.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 203,131 shares of the company’s stock after acquiring an additional 23,534 shares during the period. Alpine Global Management LLC’s holdings in Amcor were worth $1,694,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in AMCR. State Street Corp boosted its stake in shares of Amcor by 1.7% in the fourth quarter. State Street Corp now owns 141,509,581 shares of the company’s stock valued at $1,180,190,000 after purchasing an additional 2,432,340 shares during the period. M&G PLC grew its stake in Amcor by 6.1% during the 4th quarter. M&G PLC now owns 114,989,595 shares of the company’s stock worth $919,917,000 after purchasing an additional 6,655,611 shares in the last quarter. Vanguard Group Inc. increased its holdings in Amcor by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company’s stock worth $945,222,000 after purchasing an additional 1,845,627 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Amcor by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 84,095,399 shares of the company’s stock worth $701,356,000 after purchasing an additional 2,036,667 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Amcor by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 64,202,708 shares of the company’s stock worth $533,487,000 after purchasing an additional 262,418 shares during the period. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on AMCR shares. Deutsche Bank Aktiengesellschaft initiated coverage on Amcor in a research report on Wednesday, April 1st. They set a “buy” rating and a $50.00 price objective for the company. JPMorgan Chase & Co. dropped their price objective on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Truist Financial reaffirmed a “buy” rating and set a $51.00 price objective (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.33.

Amcor Stock Performance

Shares of AMCR stock opened at $41.07 on Friday. The stock’s 50-day moving average is $39.41 and its two-hundred day moving average is $41.96. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. The firm has a market cap of $18.99 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 1.23 and a beta of 0.64.

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

Amcor Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were paid a $0.65 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a yield of 6.3%. Amcor’s payout ratio is currently 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.