Amcor PLC $AMCR Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC raised its holdings in shares of Amcor PLC (NYSE:AMCR) by 1,620.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 672,649 shares of the company’s stock after purchasing an additional 633,554 shares during the period. Hsbc Holdings PLC’s holdings in Amcor were worth $26,592,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. AdvisorNet Financial Inc purchased a new stake in shares of Amcor in the first quarter valued at about $25,000. DV Equities LLC purchased a new position in shares of Amcor during the 4th quarter worth approximately $27,000. Brown Lisle Cummings Inc. increased its stake in shares of Amcor by 137.9% during the 4th 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 raised its position in shares of 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 last quarter. Finally, N.E.W. Advisory Services LLC raised its position in shares of 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 last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their target price on Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Truist Financial reissued a “buy” rating and issued a $51.00 price target (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft started coverage on Amcor in a report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price target for the company. Jefferies Financial Group set a $44.92 price objective on Amcor in a research note on Tuesday. Finally, Citigroup dropped their price objective 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, seven have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.08.

Amcor Stock Up 0.6%

Shares of NYSE AMCR opened at $43.48 on Wednesday. The firm has a market cap of $20.10 billion, a P/E ratio of 30.41, a price-to-earnings-growth ratio of 1.36 and a beta of 0.62. 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’s 50 day moving average price is $40.79 and its 200 day moving average price is $42.20.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share 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 company had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the previous year, the firm posted $0.90 EPS. Amcor’s revenue was up 77.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were given a $0.65 dividend. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.0%. Amcor’s payout ratio is currently 181.82%.

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.