DNB Asset Management AS Increases Holdings in Amcor PLC $AMCR

DNB Asset Management AS increased its stake in shares of Amcor PLC (NYSE:AMCR) by 7.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 501,577 shares of the company’s stock after buying an additional 35,093 shares during the quarter. DNB Asset Management AS’s holdings in Amcor were worth $4,183,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AMCR. M&G PLC increased its stake in Amcor by 26.6% during the third quarter. M&G PLC now owns 108,333,984 shares of the company’s stock worth $866,672,000 after acquiring an additional 22,737,979 shares during the last quarter. Federated Hermes Inc. increased its stake in Amcor by 103.9% during the third quarter. Federated Hermes Inc. now owns 39,344,317 shares of the company’s stock worth $321,837,000 after acquiring an additional 20,052,979 shares during the last quarter. AQR Capital Management LLC increased its stake in Amcor by 398.6% during the second quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company’s stock worth $147,184,000 after acquiring an additional 12,803,785 shares during the last quarter. Invesco Ltd. increased its stake in Amcor by 29.9% during the third quarter. Invesco Ltd. now owns 47,111,558 shares of the company’s stock worth $385,373,000 after acquiring an additional 10,846,351 shares during the last quarter. Finally, State Street Corp increased its stake in Amcor by 7.2% during the third quarter. State Street Corp now owns 139,077,241 shares of the company’s stock worth $1,137,652,000 after acquiring an additional 9,375,255 shares during the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Trading Down 2.1%

Shares of NYSE AMCR opened at $36.71 on Wednesday. Amcor PLC has a twelve month low of $36.47 and a twelve month high of $50.94. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30. The stock has a fifty day simple moving average of $39.83 and a 200-day simple moving average of $42.36. The stock has a market capitalization of $16.97 billion, a PE ratio of 25.67, a PEG ratio of 1.13 and a beta of 0.63.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The business had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.71 billion. During the same period in the previous year, the firm posted $0.90 earnings per share. The company’s revenue was up 77.4% on a year-over-year basis. On average, equities analysts forecast that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 7.1%. Amcor’s payout ratio is presently 181.82%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AMCR. JPMorgan Chase & Co. cut their target price on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Morgan Stanley cut Amcor from an “overweight” rating to an “equal weight” rating and set a $46.00 target price for the company. in a research note on Wednesday, January 28th. Wells Fargo & Company cut Amcor from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $48.00 to $43.00 in a research note on Friday, March 20th. Deutsche Bank Aktiengesellschaft began coverage on Amcor in a research note on Wednesday, April 1st. They set 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 note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Amcor currently has a consensus rating of “Moderate Buy” and an average price target of $49.56.

Amcor 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.