Short Interest in Amcor plc (NYSE:AMCR) Grows By 102.3%

Amcor plc (NYSE:AMCR) was the recipient of a significant growth in short interest during the month of November. As of November 30th, there was short interest totalling 44,920,000 shares, a growth of 102.3% from the November 15th total of 22,210,000 shares. Currently, 3.1% of the company’s stock are short sold. Based on an average daily volume of 10,800,000 shares, the days-to-cover ratio is currently 4.2 days.

Amcor Price Performance

NYSE AMCR traded down $0.09 on Friday, reaching $9.90. The company had a trading volume of 10,312,756 shares, compared to its average volume of 9,630,000. The firm’s 50 day moving average price is $10.60 and its 200 day moving average price is $10.52. Amcor has a 12 month low of $8.78 and a 12 month high of $11.48. The stock has a market capitalization of $14.31 billion, a PE ratio of 18.67, a price-to-earnings-growth ratio of 1.80 and a beta of 0.82. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 1.80.

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

Amcor Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st were given a dividend of $0.1275 per share. The ex-dividend date was Thursday, November 21st. This is an increase from Amcor’s previous quarterly dividend of $0.13. This represents a $0.51 dividend on an annualized basis and a yield of 5.15%. Amcor’s dividend payout ratio is 96.23%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Macquarie upgraded Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. Robert W. Baird upped their price objective on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. UBS Group raised Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Finally, Bank of America upgraded Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price target for the company in a research note on Wednesday. Four research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.20.

Hedge Funds Weigh In On Amcor

Several large investors have recently modified their holdings of AMCR. Wealth Enhancement Advisory Services LLC grew its holdings in Amcor by 3.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 414,564 shares of the company’s stock valued at $4,054,000 after purchasing an additional 15,416 shares during the last quarter. ORG Partners LLC purchased a new stake in shares of Amcor in the second quarter worth approximately $47,000. Hoxton Planning & Management LLC lifted its stake in shares of Amcor by 15.8% during the 2nd quarter. Hoxton Planning & Management LLC now owns 14,395 shares of the company’s stock worth $141,000 after acquiring an additional 1,963 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in Amcor by 2.1% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 142,553 shares of the company’s stock valued at $1,394,000 after acquiring an additional 2,897 shares during the period. Finally, First Citizens Bank & Trust Co. grew its position in Amcor by 3.0% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 641,608 shares of the company’s stock valued at $6,275,000 after acquiring an additional 18,433 shares during the last quarter. Institutional investors own 45.14% of the company’s stock.

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.