Geode Capital Management LLC Buys 262,418 Shares of Amcor PLC $AMCR

Geode Capital Management LLC lifted its stake in Amcor PLC (NYSE:AMCR) by 0.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 64,202,708 shares of the company’s stock after purchasing an additional 262,418 shares during the quarter. Geode Capital Management LLC owned about 0.14% of Amcor worth $533,487,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Amcor by 8.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock valued at $2,596,000 after purchasing an additional 20,757 shares during the period. Focus Partners Wealth raised its stake in Amcor by 11.3% during the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock valued at $418,000 after purchasing an additional 4,396 shares during the period. Sivia Capital Partners LLC bought a new stake in Amcor during the 2nd quarter valued at approximately $138,000. Arrowstreet Capital Limited Partnership bought a new stake in Amcor during the 2nd quarter valued at approximately $6,426,000. Finally, CW Advisors LLC bought a new stake in Amcor during the 2nd quarter valued at approximately $228,000. Institutional investors own 45.14% of the company’s stock.

Amcor Stock Performance

NYSE:AMCR opened at $38.87 on Friday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. The stock’s 50 day simple moving average is $39.45 and its two-hundred day simple moving average is $42.27. The company has a market cap of $17.97 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 1.17 and a beta of 0.63.

Amcor (NYSE:AMCR) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The business had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the previous year, the company posted $0.90 EPS. The company’s revenue was up 77.4% compared to the same quarter last year. As a group, equities analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a yield of 6.7%. Amcor’s payout ratio is presently 181.82%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Amcor in a research note on Wednesday, April 1st. They set a “buy” rating and a $50.00 target price on the stock. Truist Financial reissued a “buy” rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Robert W. Baird set a $54.00 target price on Amcor in a research note on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.33.

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.