Renaissance Technologies LLC Purchases 1,398,541 Shares of Amcor plc (NYSE:AMCR)

Renaissance Technologies LLC increased its position in Amcor plc (NYSE:AMCR) by 156.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,292,000 shares of the company’s stock after buying an additional 1,398,541 shares during the quarter. Renaissance Technologies LLC owned 0.16% of Amcor worth $22,416,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. lifted its position in Amcor by 40.6% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 743,325 shares of the company’s stock worth $7,069,000 after buying an additional 214,458 shares during the last quarter. Empowered Funds LLC lifted its position in Amcor by 244.2% in the 1st quarter. Empowered Funds LLC now owns 103,655 shares of the company’s stock worth $986,000 after buying an additional 73,541 shares during the last quarter. M&G Plc lifted its position in Amcor by 2,741.7% in the 2nd quarter. M&G Plc now owns 47,164,358 shares of the company’s stock worth $471,644,000 after buying an additional 45,504,608 shares during the last quarter. CHURCHILL MANAGEMENT Corp lifted its position in Amcor by 60.0% in the 1st quarter. CHURCHILL MANAGEMENT Corp now owns 601,225 shares of the company’s stock worth $5,718,000 after buying an additional 225,441 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its position in Amcor by 236.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,648,279 shares of the company’s stock worth $15,675,000 after buying an additional 1,157,878 shares during the last quarter. Institutional investors own 45.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on AMCR shares. Stifel Nicolaus assumed 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. JPMorgan Chase & Co. lifted their price target on Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a research note on Tuesday, August 13th. Robert W. Baird lifted their price target on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Citigroup lifted their price target on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, Wells Fargo & Company lifted their price target on Amcor from $9.80 to $10.50 and gave the stock an “equal weight” rating in a research note on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.73.

Amcor Price Performance

AMCR opened at $10.90 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.69 and a current ratio of 1.17. Amcor plc has a 52-week low of $8.45 and a 52-week high of $11.45. The stock has a market capitalization of $15.75 billion, a PE ratio of 24.22, a price-to-earnings-growth ratio of 2.68 and a beta of 0.85. The stock’s 50 day moving average price is $10.73 and its 200-day moving average price is $10.02.

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

Amcor Announces Dividend

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

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.