Amcor PLC $AMCR Shares Purchased by Saudi Central Bank

Saudi Central Bank raised its stake in Amcor PLC (NYSE:AMCR) by 89.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 32,343 shares of the company’s stock after buying an additional 15,287 shares during the period. Saudi Central Bank’s holdings in Amcor were worth $1,402,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of AMCR. State Street Corp raised its position in shares of Amcor by 1.7% during the fourth quarter. State Street Corp now owns 141,509,581 shares of the company’s stock worth $1,180,190,000 after purchasing an additional 2,432,340 shares during the period. M&G PLC boosted its position in shares of Amcor by 6.1% in the 4th quarter. M&G PLC now owns 114,989,595 shares of the company’s stock valued at $919,917,000 after purchasing an additional 6,655,611 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Amcor by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 84,095,399 shares of the company’s stock worth $701,356,000 after purchasing an additional 2,036,667 shares in the last quarter. Geode Capital Management LLC increased its stake in Amcor by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 64,202,708 shares of the company’s stock worth $533,487,000 after purchasing an additional 262,418 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. raised its holdings in Amcor by 6.6% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 59,866,243 shares of the company’s stock worth $499,284,000 after buying an additional 3,694,656 shares during the period. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on AMCR. BMO Capital Markets began coverage on shares of Amcor in a report on Thursday, July 16th. They issued a “market perform” rating and a $47.00 target price for the company. JPMorgan Chase & Co. reissued a “neutral” rating and set a $47.00 target price (up from $44.00) on shares of Amcor in a research note on Monday, August 17th. UBS Group started coverage on Amcor in a research report on Tuesday, August 11th. They issued a “buy” rating and a $56.00 target price for the company. Jefferies Financial Group set a $44.92 price target on Amcor and gave the company a “hold” rating in a report on Tuesday, July 21st. Finally, Truist Financial set a $51.00 price objective on Amcor in a research report on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.49.

Amcor Stock Down 1.8%

Shares of Amcor stock opened at $44.34 on Wednesday. The firm has a market cap of $20.50 billion, a price-to-earnings ratio of 18.79, a P/E/G ratio of 2.47 and a beta of 0.60. The stock has a 50-day simple moving average of $45.45 and a 200-day simple moving average of $42.50. Amcor PLC has a 52-week low of $36.25 and a 52-week high of $50.94. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.25 and a quick ratio of 0.76.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Thursday, August 13th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.04. The firm had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.05 billion. Amcor had a net margin of 4.71% and a return on equity of 15.92%. The company’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.20 earnings per share. On average, equities research analysts expect that Amcor PLC will post 1.84 earnings per share for the current fiscal year.

Amcor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Friday, September 4th will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend is Friday, September 4th. Amcor’s payout ratio is presently 110.17%.

Amcor 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.