Weiss Asset Management LP Invests $8.39 Million in Amcor PLC $AMCR

Weiss Asset Management LP bought a new stake in Amcor PLC (NYSE:AMCR) in the 1st quarter, HoldingsChannel.com reports. The firm bought 211,020 shares of the company’s stock, valued at approximately $8,388,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Amcor by 8.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock valued at $2,596,000 after acquiring an additional 20,757 shares during the period. Focus Partners Wealth lifted its holdings in shares of Amcor by 11.3% in the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock worth $418,000 after purchasing an additional 4,396 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Amcor in the 2nd quarter worth $138,000. Arrowstreet Capital Limited Partnership acquired a new stake in Amcor in the 2nd quarter valued at $6,426,000. Finally, CW Advisors LLC acquired a new stake in Amcor in the 2nd quarter valued at $228,000. 45.14% of the stock is owned by institutional investors.

Amcor Stock Up 4.6%

Shares of NYSE:AMCR opened at $44.60 on Friday. The business’s 50 day moving average is $41.11 and its 200 day moving average is $42.23. Amcor PLC has a 12-month low of $36.25 and a 12-month high of $50.94. The stock has a market cap of $20.62 billion, a price-to-earnings ratio of 31.19, a PEG ratio of 1.40 and a beta of 0.62. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting analysts’ consensus estimates of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The business had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same period in the prior year, the firm posted $0.90 EPS. Amcor’s quarterly revenue was up 77.4% compared to the same quarter last year. On average, sell-side analysts forecast that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were paid a $0.65 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 5.8%. Amcor’s dividend payout ratio is presently 181.82%.

Wall Street Analyst Weigh In

A number of brokerages have commented on AMCR. Truist Financial restated a “buy” rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Jefferies Financial Group set a $44.92 price objective on shares of Amcor and gave the company a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. reduced their price objective on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. BMO Capital Markets initiated coverage on shares of Amcor in a research report on Thursday, July 16th. They set a “market perform” rating and a $47.00 target price for the company. Finally, Citigroup lowered their target price on shares of Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Amcor presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.08.

About Amcor

Amcor (NYSE: AMCR) is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company’s product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor’s packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.