Kestra Investment Management LLC Makes New Investment in Amcor plc (NYSE:AMCR)

Kestra Investment Management LLC bought a new position in shares of Amcor plc (NYSE:AMCR) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 19,369 shares of the company’s stock, valued at approximately $219,000.

Other hedge funds have also modified their holdings of the company. Larson Financial Group LLC lifted its holdings in Amcor by 3,410.3% during the 3rd quarter. Larson Financial Group LLC now owns 2,387 shares of the company’s stock worth $27,000 after buying an additional 2,319 shares in the last quarter. Rise Advisors LLC bought a new stake in shares of Amcor during the third quarter worth $35,000. ORG Wealth Partners LLC bought a new stake in shares of Amcor during the third quarter worth $35,000. Quent Capital LLC lifted its stake in shares of Amcor by 51.8% during the second quarter. Quent Capital LLC now owns 3,638 shares of the company’s stock valued at $36,000 after acquiring an additional 1,241 shares during the period. Finally, True Wealth Design LLC boosted its holdings in Amcor by 3,794.1% in the third quarter. True Wealth Design LLC now owns 3,310 shares of the company’s stock valued at $38,000 after acquiring an additional 3,225 shares during the last quarter. 45.14% of the stock is owned by institutional investors.

Amcor Stock Performance

AMCR stock opened at $10.55 on Tuesday. Amcor plc has a 1-year low of $8.78 and a 1-year high of $11.48. The company has a current ratio of 1.29, a quick ratio of 0.74 and a debt-to-equity ratio of 1.80. The firm has a market cap of $15.25 billion, a PE ratio of 19.91, a P/E/G ratio of 1.92 and a beta of 0.85. The business’s 50-day moving average price is $10.80 and its two-hundred day moving average price is $10.51.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.16 EPS for the quarter, hitting analysts’ consensus estimates of $0.16. Amcor had a return on equity of 25.60% and a net margin of 5.68%. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter last year, the firm posted $0.16 earnings per share. Amcor’s revenue was down 2.6% compared to the same quarter last year. As a group, research analysts forecast that Amcor plc will post 0.74 earnings per share for the current year.

Amcor Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Thursday, November 21st will be issued a $0.1275 dividend. This represents a $0.51 annualized dividend and a dividend yield of 4.83%. The ex-dividend date of this dividend is Thursday, November 21st. This is a boost from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio is 96.23%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AMCR. Macquarie upgraded shares of Amcor from a “neutral” rating to an “outperform” rating in a research report on Wednesday, November 27th. Robert W. Baird increased their price objective on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Friday, August 16th. JPMorgan Chase & Co. lifted their target price on shares of Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a report on Tuesday, August 13th. Wells Fargo & Company increased their price target on Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Finally, Citigroup lifted their price objective on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $10.94.

About Amcor

Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company operates through two segments, Flexibles and Rigid Packaging. The Flexibles segment provides flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.