Rubric Capital Management LP Takes Position in Amcor PLC $AMCR

Rubric Capital Management LP bought a new stake in Amcor PLC (NYSE:AMCR) during the first quarter, HoldingsChannel reports. The fund bought 1,269,396 shares of the company’s stock, valued at approximately $50,458,000.

A number of other large investors have also added to or reduced their stakes in AMCR. PFG Investments LLC bought a new stake in Amcor in the 4th quarter worth approximately $262,000. Vanguard Group Inc. grew its position in Amcor by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company’s stock valued at $945,222,000 after acquiring an additional 1,845,627 shares during the last quarter. Code Waechter LLC raised its stake in shares of Amcor by 105.1% during the fourth quarter. Code Waechter LLC now owns 54,113 shares of the company’s stock worth $451,000 after acquiring an additional 27,725 shares in the last quarter. Mountain Hill Investment Partners Corp. raised its stake in shares of Amcor by 22.4% during the fourth quarter. Mountain Hill Investment Partners Corp. now owns 858,620 shares of the company’s stock worth $7,161,000 after acquiring an additional 157,300 shares in the last quarter. Finally, Wolverine Asset Management LLC purchased a new position in shares of Amcor during the fourth quarter worth approximately $459,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Stock Performance

NYSE:AMCR opened at $45.27 on Tuesday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. Amcor PLC has a fifty-two week low of $36.25 and a fifty-two week high of $50.94. The firm has a market cap of $20.93 billion, a PE ratio of 31.66, a price-to-earnings-growth ratio of 1.40 and a beta of 0.62. The business has a 50 day moving average price of $41.27 and a 200-day moving average price of $42.25.

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

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend was Thursday, May 28th. Amcor’s dividend payout ratio (DPR) is 181.82%.

Analyst Ratings Changes

AMCR has been the subject of a number of research reports. Jefferies Financial Group set a $44.92 price objective on shares of Amcor and gave the company a “hold” rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. decreased their target price on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Citigroup cut their price target 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. Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Bank of America lifted their price objective on Amcor from $48.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Amcor currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.08.

Amcor Company Profile

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.