Saudi Central Bank raised its stake in Amcor PLC (NYSE:AMCR – Free Report) by 89.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,343 shares of the company’s stock after purchasing an additional 15,287 shares during the quarter. Saudi Central Bank’s holdings in Amcor were worth $1,402,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. AdvisorNet Financial Inc acquired a new position in Amcor during the 1st quarter worth approximately $25,000. Bangor Savings Bank purchased a new stake in Amcor during the 2nd quarter worth $26,000. Western Wealth Management LLC acquired a new position in Amcor in the 1st quarter worth $27,000. DV Equities LLC purchased a new position in Amcor in the 4th quarter valued at about $27,000. Finally, Larson Financial Group LLC grew its stake in shares of Amcor by 46.1% during the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company’s stock valued at $33,000 after acquiring an additional 1,257 shares in the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.
Wall Street Analysts Forecast Growth
AMCR has been the subject of a number of analyst reports. Bank of America increased their price target on Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Amcor in a report on Friday, August 7th. Wells Fargo & Company boosted their target price on shares of Amcor from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Friday, August 14th. Citigroup reiterated a “buy” rating and issued a $52.00 price target (up from $47.00) on shares of Amcor in a research note on Friday, August 14th. Finally, Jefferies Financial Group set a $44.92 price target on Amcor and gave the company a “hold” rating in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Amcor presently has a consensus rating of “Moderate Buy” and an average target price of $49.49.
Amcor Price Performance
Shares of NYSE AMCR opened at $44.34 on Wednesday. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.25 and a quick ratio of 0.76. The firm has a market capitalization of $20.50 billion, a PE ratio of 18.79, a P/E/G ratio of 2.47 and a beta of 0.60. Amcor PLC has a 1-year low of $36.25 and a 1-year high of $50.94. The business’s fifty day moving average price is $45.45 and its two-hundred day moving average price is $42.50.
Amcor (NYSE:AMCR – Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $1.23 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.04. The company had revenue of $6.40 billion for the quarter, compared to analysts’ expectations of $6.05 billion. Amcor had a return on equity of 15.92% and a net margin of 4.71%.The business’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 earnings per share. On average, research analysts expect that Amcor PLC will post 1.84 EPS for the current year.
Amcor Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Friday, September 4th will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Friday, September 4th. Amcor’s payout ratio is currently 110.17%.
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.
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