Van ECK Associates Corp Buys New Shares in Amcor plc (NYSE:AMCR)

Van ECK Associates Corp purchased a new stake in Amcor plc (NYSE:AMCR) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 276,849 shares of the company’s stock, valued at approximately $2,605,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Lake Street Advisors Group LLC boosted its holdings in Amcor by 8.4% in the third quarter. Lake Street Advisors Group LLC now owns 12,210 shares of the company’s stock valued at $138,000 after purchasing an additional 946 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its holdings in Amcor by 9.6% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 11,646 shares of the company’s stock valued at $132,000 after purchasing an additional 1,023 shares during the last quarter. Forum Financial Management LP boosted its holdings in Amcor by 7.7% in the third quarter. Forum Financial Management LP now owns 14,761 shares of the company’s stock valued at $167,000 after purchasing an additional 1,058 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in Amcor by 6.1% in the third quarter. Prime Capital Investment Advisors LLC now owns 18,961 shares of the company’s stock valued at $215,000 after purchasing an additional 1,085 shares during the last quarter. Finally, CWA Asset Management Group LLC boosted its holdings in Amcor by 3.9% in the fourth quarter. CWA Asset Management Group LLC now owns 32,343 shares of the company’s stock valued at $304,000 after purchasing an additional 1,213 shares during the last quarter. 45.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on AMCR. Macquarie raised shares of Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. Truist Financial raised shares of Amcor from a “hold” rating to a “buy” rating and increased their target price for the stock from $10.00 to $12.00 in a research note on Monday, January 6th. Jefferies Financial Group raised shares of Amcor from a “hold” rating to a “buy” rating in a research note on Monday, February 3rd. Citigroup raised shares of Amcor from a “neutral” rating to a “buy” rating and increased their target price for the stock from $11.00 to $12.00 in a research note on Monday, January 6th. Finally, UBS Group raised shares of Amcor from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 11th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Amcor has a consensus rating of “Moderate Buy” and an average price target of $11.46.

Amcor Trading Up 1.8 %

Shares of Amcor stock opened at $10.38 on Friday. The firm has a market capitalization of $15.00 billion, a PE ratio of 18.87, a P/E/G ratio of 1.94 and a beta of 0.84. Amcor plc has a twelve month low of $8.80 and a twelve month high of $11.48. The firm’s 50-day moving average price is $9.72 and its 200 day moving average price is $10.42. The company has a current ratio of 1.26, a quick ratio of 0.71 and a debt-to-equity ratio of 1.80.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.16 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.16. The firm had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.33 billion. Amcor had a net margin of 5.89% and a return on equity of 26.14%. Amcor’s quarterly revenue was down .3% compared to the same quarter last year. During the same period last year, the company posted $0.09 EPS. On average, sell-side analysts predict that Amcor plc will post 0.74 EPS for the current fiscal year.

Amcor Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 18th. Investors of record on Wednesday, February 26th will be paid a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a yield of 4.91%. The ex-dividend date is Wednesday, February 26th. Amcor’s dividend payout ratio is presently 92.73%.

Amcor Profile

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.