Icon Wealth Advisors LLC Makes New Investment in Amcor PLC $AMCR

Icon Wealth Advisors LLC bought a new position in Amcor PLC (NYSE:AMCR) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 12,368 shares of the company’s stock, valued at approximately $103,000.

Other hedge funds have also added to or reduced their stakes in the company. Dakota Wealth Management increased its holdings in Amcor by 74.6% in the fourth quarter. Dakota Wealth Management now owns 345,449 shares of the company’s stock worth $2,881,000 after purchasing an additional 147,639 shares in the last quarter. PFG Investments LLC purchased a new position in Amcor in the fourth quarter worth $262,000. Vanguard Group Inc. boosted its position in Amcor by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company’s stock worth $945,222,000 after purchasing an additional 1,845,627 shares during the last quarter. Code Waechter LLC boosted its position in Amcor by 105.1% in the fourth quarter. Code Waechter LLC now owns 54,113 shares of the company’s stock worth $451,000 after purchasing an additional 27,725 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in Amcor by 64.0% in the fourth quarter. Nordea Investment Management AB now owns 242,866 shares of the company’s stock worth $2,034,000 after purchasing an additional 94,753 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on AMCR shares. JPMorgan Chase & Co. cut their price objective on Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price objective on the stock. Wells Fargo & Company set a $41.00 price objective on Amcor and gave the stock an “equal weight” rating in a research report on Wednesday, May 20th. Citigroup cut their price objective on Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Finally, Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Amcor currently has an average rating of “Moderate Buy” and a consensus target price of $49.33.

Amcor Price Performance

Shares of NYSE AMCR opened at $41.13 on Tuesday. The stock’s 50-day simple moving average is $39.32 and its two-hundred day simple moving average is $42.00. The firm has a market capitalization of $19.02 billion, a P/E ratio of 28.77, a P/E/G ratio of 1.23 and a beta of 0.64. 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 PLC has a twelve month low of $36.25 and a twelve month high of $50.94.

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. The business had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.71 billion. Amcor had a return on equity of 14.55% and a net margin of 3.06%.Amcor’s quarterly revenue was up 77.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.90 EPS. As a group, equities analysts anticipate that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a yield of 6.3%. Amcor’s dividend payout ratio is presently 181.82%.

Amcor Company Profile

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.