DnB Asset Management AS Raises Stock Position in Amcor plc (NYSE:AMCR)

DnB Asset Management AS boosted its position in Amcor plc (NYSE:AMCR) by 4.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 277,427 shares of the company’s stock after purchasing an additional 12,036 shares during the quarter. DnB Asset Management AS’s holdings in Amcor were worth $2,611,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Jones Financial Companies Lllp increased its holdings in shares of Amcor by 247.4% in the fourth quarter. Jones Financial Companies Lllp now owns 3,735 shares of the company’s stock worth $35,000 after purchasing an additional 2,660 shares during the period. Bank Julius Baer & Co. Ltd Zurich bought a new position in Amcor in the 4th quarter worth about $44,000. SBI Securities Co. Ltd. purchased a new stake in shares of Amcor in the 4th quarter valued at about $60,000. Steward Partners Investment Advisory LLC increased its position in shares of Amcor by 11,326.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,313 shares of the company’s stock worth $69,000 after purchasing an additional 7,249 shares during the last quarter. Finally, Graypoint LLC purchased a new stake in Amcor in the fourth quarter valued at approximately $97,000. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Price Performance

Shares of NYSE AMCR opened at $9.81 on Wednesday. Amcor plc has a 1 year low of $8.80 and a 1 year high of $11.48. The stock has a market capitalization of $14.17 billion, a P/E ratio of 17.83, a P/E/G ratio of 1.96 and a beta of 0.80. The company’s 50-day moving average is $9.93 and its 200 day moving average is $10.21. 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 (NYSE:AMCR) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting 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 analyst estimates of $3.33 billion. During the same period last year, the business earned $0.09 EPS. Amcor’s quarterly revenue was down .3% compared to the same quarter last year. On average, sell-side analysts expect that Amcor plc will post 0.74 earnings per share for the current year.

Amcor Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Wednesday, February 26th were given a $0.1275 dividend. This represents a $0.51 annualized dividend and a dividend yield of 5.20%. The ex-dividend date of this dividend was Wednesday, February 26th. Amcor’s dividend payout ratio is presently 92.73%.

Insiders Place Their Bets

In other Amcor news, Director Achal Agarwal acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The shares were bought at an average cost of $10.10 per share, with a total value of $101,000.00. Following the completion of the transaction, the director now directly owns 88,967 shares of the company’s stock, valued at approximately $898,566.70. This represents a 12.66 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.60% of the company’s stock.

Wall Street Analysts Forecast Growth

AMCR has been the subject of a number of research reports. Bank of America raised shares of 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, December 11th. Truist Financial raised Amcor from a “hold” rating to a “buy” rating and increased their target price for the company from $10.00 to $12.00 in a research note on Monday, January 6th. UBS Group upgraded Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 11th. Jefferies Financial Group raised shares of Amcor from a “hold” rating to a “buy” rating in a report on Monday, February 3rd. Finally, Citigroup upgraded Amcor from a “neutral” rating to a “buy” rating and raised their price target for the stock from $11.00 to $12.00 in a research report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Amcor currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.46.

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.