SteelPeak Wealth LLC Acquires Shares of 21,712 Amcor PLC $AMCR

SteelPeak Wealth LLC bought a new position in Amcor PLC (NYSE:AMCR) during the first quarter, Holdings Channel.com reports. The fund bought 21,712 shares of the company’s stock, valued at approximately $863,000.

Other institutional investors have also modified their holdings of the company. AdvisorNet Financial Inc bought a new stake in shares of Amcor during the first quarter valued at approximately $25,000. DV Equities LLC bought a new position in Amcor in the fourth quarter worth approximately $27,000. Brown Lisle Cummings Inc. grew its stake in Amcor by 137.9% in the fourth quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company’s stock worth $29,000 after purchasing an additional 2,000 shares in the last quarter. Larson Financial Group LLC increased its holdings in Amcor by 46.1% during the 4th quarter. Larson Financial Group LLC now owns 3,985 shares of the company’s stock worth $33,000 after purchasing an additional 1,257 shares during the period. Finally, N.E.W. Advisory Services LLC increased its holdings in Amcor by 10.1% during the 4th quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock worth $34,000 after purchasing an additional 373 shares during the period. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Stock Performance

Shares of NYSE:AMCR opened at $43.96 on Friday. The company has a market capitalization of $20.32 billion, a price-to-earnings ratio of 30.74, a price-to-earnings-growth ratio of 1.38 and a beta of 0.62. Amcor PLC has a 52 week low of $36.25 and a 52 week high of $50.94. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. The firm has a 50 day moving average of $40.65 and a 200 day moving average of $42.18.

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 return on equity of 14.55% and a net margin of 3.06%.The business had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.71 billion. During the same quarter last year, the firm earned $0.90 EPS. The business’s revenue for the quarter was up 77.4% on a year-over-year basis. On average, sell-side analysts predict that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date was Thursday, May 28th. Amcor’s dividend payout ratio is 181.82%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AMCR. Citigroup decreased 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. Bank of America raised their price target on Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Truist Financial restated 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 $43.00 price objective on shares of Amcor and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, BMO Capital Markets began coverage on shares of Amcor in a report on Thursday. They set a “market perform” rating and a $47.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.40.

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.