Creative Planning Boosts Stake in Amcor PLC $AMCR

Creative Planning increased its stake in shares of Amcor PLC (NYSE:AMCR) by 82.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 224,585 shares of the company’s stock after buying an additional 101,751 shares during the quarter. Creative Planning’s holdings in Amcor were worth $2,064,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in AMCR. State of Alaska Department of Revenue raised its position in Amcor by 51.6% during the 2nd quarter. State of Alaska Department of Revenue now owns 464,293 shares of the company’s stock worth $4,266,000 after buying an additional 158,082 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Amcor by 71.4% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,446,429 shares of the company’s stock worth $22,483,000 after purchasing an additional 1,019,306 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in Amcor by 54,855.7% in the second quarter. Sound Income Strategies LLC now owns 605,062 shares of the company’s stock valued at $5,561,000 after acquiring an additional 603,961 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Amcor by 63.5% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 5,012,038 shares of the company’s stock worth $46,061,000 after purchasing an additional 1,946,147 shares during the period. Finally, Focus Partners Advisor Solutions LLC acquired a new position in shares of Amcor in the 2nd quarter valued at $463,000. 45.14% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on AMCR shares. Wells Fargo & Company cut their price objective on shares of Amcor from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday, October 15th. Stifel Nicolaus upgraded Amcor from a “hold” rating to a “buy” rating and set a $10.20 price target for the company in a research note on Friday, October 10th. JPMorgan Chase & Co. assumed coverage on Amcor in a research report on Friday, September 19th. They set an “overweight” rating and a $10.00 price target on the stock. Royal Bank Of Canada initiated coverage on shares of Amcor in a research report on Monday, September 22nd. They set a “sector perform” rating for the company. Finally, Morgan Stanley reiterated an “overweight” rating and set a $11.50 price target on shares of Amcor in a research report on Wednesday, November 12th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Amcor currently has an average rating of “Moderate Buy” and an average price target of $10.91.

Amcor Price Performance

AMCR stock opened at $8.53 on Wednesday. The business has a 50 day moving average price of $8.19 and a 200 day moving average price of $8.80. Amcor PLC has a fifty-two week low of $7.66 and a fifty-two week high of $10.70. The company has a quick ratio of 0.71, a current ratio of 1.21 and a debt-to-equity ratio of 1.18. The stock has a market cap of $19.65 billion, a price-to-earnings ratio of 23.68, a PEG ratio of 1.14 and a beta of 0.72.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.19 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.19. The company had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.77 billion. Amcor had a return on equity of 19.43% and a net margin of 3.40%.The firm’s revenue for the quarter was up 71.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.16 earnings per share. Equities research analysts anticipate that Amcor PLC will post 0.74 earnings per share for the current fiscal year.

Amcor Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Investors of record on Friday, November 28th will be paid a $0.13 dividend. The ex-dividend date is Friday, November 28th. This is an increase from Amcor’s previous quarterly dividend of $0.13. This represents a $0.52 annualized dividend and a yield of 6.1%. Amcor’s payout ratio is currently 152.94%.

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.