Sound Income Strategies LLC Makes New Investment in Amcor PLC $AMCR

Sound Income Strategies LLC purchased a new position in Amcor PLC (NYSE:AMCR) in the first quarter, Holdings Channel reports. The institutional investor purchased 475,266 shares of the company’s stock, valued at approximately $19,343,000.

Several other hedge funds also recently made changes to their positions in the stock. N.E.W. Advisory Services LLC raised its stake in shares of Amcor by 10.1% during the 4th quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock valued at $34,000 after purchasing an additional 373 shares during the period. CYBER HORNET ETFs LLC lifted its holdings in Amcor by 11.1% during the 4th quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company’s stock worth $37,000 after purchasing an additional 447 shares in the last quarter. FineMark National Bank & Trust boosted its stake in Amcor by 0.6% in the 4th quarter. FineMark National Bank & Trust now owns 80,503 shares of the company’s stock worth $671,000 after purchasing an additional 503 shares during the period. United Asset Strategies Inc. boosted its stake in Amcor by 1.6% in the 4th quarter. United Asset Strategies Inc. now owns 38,453 shares of the company’s stock worth $321,000 after purchasing an additional 597 shares during the period. Finally, AdvisorNet Financial Inc purchased a new position in Amcor during the 1st quarter valued at about $25,000. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Stock Up 3.1%

AMCR stock opened at $44.98 on Friday. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30. The company’s 50 day moving average is $39.65 and its 200 day moving average is $42.02. The stock has a market cap of $20.80 billion, a price-to-earnings ratio of 31.46, a price-to-earnings-growth ratio of 1.23 and a beta of 0.62. Amcor PLC has a 1-year low of $36.25 and a 1-year high of $50.94.

Amcor (NYSE:AMCR) last announced its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The business had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same period in the previous year, the business posted $0.90 earnings per share. Amcor’s revenue for the quarter was up 77.4% on a year-over-year basis. Sell-side analysts predict that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were given a $0.65 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.60 annualized dividend and a yield of 5.8%. Amcor’s payout ratio is 181.82%.

Analyst Upgrades and Downgrades

AMCR has been the topic of several analyst reports. Wells Fargo & Company set a $41.00 price target on Amcor and gave the company an “equal weight” rating in a research report on Wednesday, May 20th. Citigroup cut their price objective on shares of Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Amcor in a research note on Wednesday, April 1st. They set a “buy” rating and a $50.00 price objective for the company. Truist Financial reaffirmed a “buy” rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Finally, Weiss Ratings upgraded shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $48.00.

About Amcor

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.