Amalgamated Bank Raises Holdings in Amcor plc (NYSE:AMCR)

Amalgamated Bank grew its holdings in Amcor plc (NYSE:AMCR) by 20.7% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 449,709 shares of the company’s stock after acquiring an additional 77,150 shares during the quarter. Amalgamated Bank’s holdings in Amcor were worth $4,398,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AMCR. M&G Plc increased its holdings in shares of Amcor by 2,741.7% in the 2nd quarter. M&G Plc now owns 47,164,358 shares of the company’s stock valued at $471,644,000 after acquiring an additional 45,504,608 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Amcor in the 4th quarter valued at about $155,438,000. Norges Bank acquired a new stake in shares of Amcor in the 4th quarter valued at about $47,669,000. Price T Rowe Associates Inc. MD boosted its position in shares of Amcor by 11.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,604,159 shares of the company’s stock valued at $195,946,000 after purchasing an additional 2,086,698 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Amcor by 11.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 14,721,829 shares of the company’s stock valued at $143,989,000 after purchasing an additional 1,527,492 shares during the period. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Stock Down 1.9 %

Amcor stock opened at $10.90 on Friday. Amcor plc has a twelve month low of $8.45 and a twelve month high of $11.45. The stock has a 50 day moving average of $10.73 and a two-hundred day moving average of $10.02. The company has a current ratio of 1.17, a quick ratio of 0.69 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $15.75 billion, a price-to-earnings ratio of 24.22, a PEG ratio of 2.68 and a beta of 0.85.

Amcor (NYSE:AMCR) last posted its quarterly earnings results on Thursday, August 15th. The company reported $0.21 EPS for the quarter, meeting the consensus estimate of $0.21. The business had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Amcor had a return on equity of 25.45% and a net margin of 5.35%. The company’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period last year, the firm earned $0.19 EPS. As a group, research analysts expect that Amcor plc will post 0.75 earnings per share for the current year.

Amcor Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Friday, September 6th will be issued a $0.125 dividend. The ex-dividend date is Friday, September 6th. This represents a $0.50 annualized dividend and a dividend yield of 4.59%. Amcor’s dividend payout ratio is currently 111.11%.

Analyst Ratings Changes

A number of brokerages recently issued reports on AMCR. JPMorgan Chase & Co. upped their target price on Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a research report on Tuesday, August 13th. Robert W. Baird upped their target price on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. Wells Fargo & Company upped their target price on Amcor from $9.80 to $10.50 and gave the company an “equal weight” rating in a research report on Friday, August 16th. Stifel Nicolaus began coverage on Amcor in a research report on Tuesday, July 9th. They issued a “hold” rating and a $10.80 target price for the company. Finally, Citigroup increased their price objective on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $10.73.

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.