Gradient Investments LLC Acquires New Position in Amcor plc (NYSE:AMCR)

Gradient Investments LLC bought a new position in shares of Amcor plc (NYSE:AMCR) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 50,062 shares of the company’s stock, valued at approximately $471,000.

Other hedge funds have also bought and sold shares of the company. Diversify Wealth Management LLC grew its holdings in shares of Amcor by 101.5% during the fourth quarter. Diversify Wealth Management LLC now owns 318,849 shares of the company’s stock valued at $3,000,000 after buying an additional 160,579 shares during the last quarter. HB Wealth Management LLC grew its stake in Amcor by 41.0% during the 4th quarter. HB Wealth Management LLC now owns 68,466 shares of the company’s stock valued at $644,000 after purchasing an additional 19,915 shares during the last quarter. Financial & Tax Architects LLC increased its holdings in shares of Amcor by 12.8% in the fourth quarter. Financial & Tax Architects LLC now owns 56,579 shares of the company’s stock valued at $532,000 after purchasing an additional 6,434 shares during the period. Merit Financial Group LLC purchased a new position in shares of Amcor in the fourth quarter worth about $127,000. Finally, Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Amcor by 5.5% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 156,111 shares of the company’s stock worth $1,469,000 after purchasing an additional 8,078 shares during the period. Institutional investors and hedge funds own 45.14% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on AMCR shares. Truist Financial upgraded shares of Amcor from a “hold” rating to a “buy” rating and increased their price target for the stock from $10.00 to $12.00 in a report on Monday, January 6th. Bank of America raised shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 target price for the company in a report on Wednesday, December 11th. Citigroup raised shares of Amcor from a “neutral” rating to a “buy” rating and upped their price target for the company from $11.00 to $12.00 in a report on Monday, January 6th. Wells Fargo & Company lifted their target price on shares of Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Finally, UBS Group upgraded Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $11.46.

Amcor Stock Down 0.2 %

AMCR stock opened at $9.75 on Friday. Amcor plc has a 52 week low of $8.78 and a 52 week high of $11.48. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 1.80. The firm has a 50-day simple moving average of $9.84 and a 200-day simple moving average of $10.44. The stock has a market capitalization of $14.09 billion, a P/E ratio of 18.39, a P/E/G ratio of 1.86 and a beta of 0.84.

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

Amcor Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st were paid a dividend of $0.1275 per share. This represents a $0.51 annualized dividend and a yield of 5.23%. The ex-dividend date was Thursday, November 21st. This is a boost from Amcor’s previous quarterly dividend of $0.13. Amcor’s payout ratio is 96.23%.

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.