Convergence Investment Partners LLC Takes Position in Amcor plc (NYSE:AMCR)

Convergence Investment Partners LLC bought a new stake in Amcor plc (NYSE:AMCR) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 93,369 shares of the company’s stock, valued at approximately $879,000.

Other large investors also recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Amcor by 275.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,613,469 shares of the company’s stock valued at $74,931,000 after purchasing an additional 4,851,222 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Amcor by 39,411.0% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,811,600 shares of the company’s stock valued at $31,855,000 after purchasing an additional 2,804,484 shares during the period. M&G PLC grew its stake in shares of Amcor by 5.9% in the 3rd quarter. M&G PLC now owns 49,940,152 shares of the company’s stock valued at $549,342,000 after buying an additional 2,775,794 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Amcor by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,190,458 shares of the company’s stock valued at $489,348,000 after buying an additional 1,960,308 shares during the period. Finally, KBC Group NV grew its stake in shares of Amcor by 94.8% in the 3rd quarter. KBC Group NV now owns 2,940,184 shares of the company’s stock valued at $33,312,000 after buying an additional 1,430,545 shares during the period. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Stock Performance

Shares of Amcor stock opened at $10.20 on Thursday. The business has a 50-day moving average of $9.71 and a 200 day moving average of $10.42. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.26 and a quick ratio of 0.71. Amcor plc has a 12 month low of $8.80 and a 12 month high of $11.48. The stock has a market capitalization of $14.74 billion, a price-to-earnings ratio of 18.54, a price-to-earnings-growth ratio of 1.93 and a beta of 0.84.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.16 EPS for the quarter, meeting the consensus estimate of $0.16. Amcor had a net margin of 5.89% and a return on equity of 26.14%. The company had revenue of $3.24 billion during the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter last year, the company posted $0.09 EPS. The firm’s revenue was down .3% compared to the same quarter last year. As a group, sell-side analysts forecast that Amcor plc will post 0.74 earnings per share for the current year.

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Wednesday, February 26th will be issued a $0.1275 dividend. The ex-dividend date of this dividend is Wednesday, February 26th. This represents a $0.51 dividend on an annualized basis and a yield of 5.00%. Amcor’s dividend payout ratio (DPR) is presently 92.73%.

Analyst Ratings Changes

Several brokerages recently weighed in on AMCR. Jefferies Financial Group upgraded Amcor from a “hold” rating to a “buy” rating in a research report on Monday, February 3rd. UBS Group upgraded Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 11th. Macquarie upgraded Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. Truist Financial upgraded 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. Finally, Citigroup raised shares of Amcor from a “neutral” rating to a “buy” rating and increased their target price for the stock from $11.00 to $12.00 in a research note on Monday, January 6th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.46.

Amcor Profile

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.