SteelPeak Wealth LLC Makes New Investment in Amcor PLC $AMCR

SteelPeak Wealth LLC bought a new stake in shares of Amcor PLC (NYSE:AMCR) during the 3rd quarter, Holdings Channel reports. The firm bought 20,164 shares of the company’s stock, valued at approximately $844,000.

Several other hedge funds have also bought and sold shares of AMCR. Bank of New York Mellon Corp purchased a new stake in Amcor in the second quarter worth about $90,556,000. Rockefeller Capital Management L.P. raised its stake in shares of Amcor by 55.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,307,985 shares of the company’s stock worth $10,909,000 after buying an additional 467,065 shares during the period. Rubric Capital Management LP bought a new position in shares of Amcor in the first quarter worth about $50,458,000. Ancora Advisors LLC purchased a new position in shares of Amcor during the 2nd quarter valued at about $39,470,000. Finally, Hsbc Holdings PLC lifted its position in shares of Amcor by 1,620.5% during the 1st quarter. Hsbc Holdings PLC now owns 672,649 shares of the company’s stock valued at $26,592,000 after buying an additional 633,554 shares in the last quarter. Institutional investors own 45.14% of the company’s stock.

Amcor Price Performance

Shares of Amcor stock opened at $44.03 on Tuesday. The stock’s 50-day simple moving average is $44.10 and its 200-day simple moving average is $42.31. Amcor PLC has a 52 week low of $36.25 and a 52 week high of $50.94. The company has a market capitalization of $20.36 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 2.72 and a beta of 0.58. The company has a quick ratio of 0.76, a current ratio of 1.25 and a debt-to-equity ratio of 1.17.

Amcor (NYSE:AMCR) last released its quarterly earnings data on Thursday, August 13th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.04. Amcor had a return on equity of 15.92% and a net margin of 4.71%. The firm had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.05 billion. During the same quarter in the prior year, the company posted $0.20 earnings per share. The business’s quarterly revenue was up 25.9% compared to the same quarter last year. As a group, analysts expect that Amcor PLC will post 1.84 earnings per share for the current fiscal year.

Amcor Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Friday, September 4th were issued a $0.65 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $2.60 dividend on an annualized basis and a yield of 5.9%. Amcor’s payout ratio is currently 110.17%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AMCR. BMO Capital Markets began coverage on Amcor in a research note on Thursday, July 16th. They set a “market perform” rating and a $47.00 price objective for the company. Bank of America increased their target price on shares of Amcor from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Jefferies Financial Group set a $44.92 target price on shares of Amcor and gave the stock a “hold” rating in a research note on Tuesday, July 21st. Truist Financial set a $51.00 price target on shares of Amcor in a report on Tuesday, August 18th. Finally, UBS Group initiated coverage on shares of Amcor in a report on Tuesday, August 11th. They set a “buy” rating and a $56.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.36.

Amcor Profile

Amcor plc (NYSE: AMCR) is a global packaging company that develops and produces packaging solutions for food, beverage, pharmaceutical, medical, personal care, household, and other consumer and industrial products. Its offerings include flexible packaging, rigid containers, closures, bottles, specialty cartons, and related packaging systems designed to protect products, support supply chains, and improve convenience and sustainability.

The company serves customers across North America, Latin America, Europe, Asia-Pacific, and other international markets.