Korea Investment CORP Raises Holdings in Amcor plc (NYSE:AMCR)

Korea Investment CORP lifted its position in shares of Amcor plc (NYSE:AMCR) by 51.9% during the fourth quarter, Holdings Channel reports. The firm owned 1,069,675 shares of the company’s stock after acquiring an additional 365,273 shares during the quarter. Korea Investment CORP’s holdings in Amcor were worth $10,066,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in AMCR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Amcor by 275.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,613,469 shares of the company’s stock worth $74,931,000 after buying an additional 4,851,222 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Amcor by 6.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 46,052,929 shares of the company’s stock valued at $433,358,000 after acquiring an additional 2,862,471 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Amcor during the fourth quarter worth approximately $23,810,000. Vanguard Group Inc. grew its position in shares of Amcor by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 58,986,593 shares of the company’s stock worth $555,064,000 after acquiring an additional 1,249,868 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of Amcor by 31.8% in the 3rd quarter. Barclays PLC now owns 4,544,118 shares of the company’s stock valued at $51,484,000 after acquiring an additional 1,096,664 shares during the period. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Stock Performance

NYSE AMCR opened at $9.70 on Tuesday. The stock has a market capitalization of $14.01 billion, a price-to-earnings ratio of 17.63, a PEG ratio of 1.96 and a beta of 0.80. The business’s 50 day moving average is $9.93 and its two-hundred day moving average is $10.22. Amcor plc has a 12-month low of $8.80 and a 12-month high of $11.48. 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 earnings results on Tuesday, February 4th. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. Amcor had a net margin of 5.89% and a return on equity of 26.14%. The company had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same period in the previous year, the firm earned $0.09 EPS. The business’s revenue was down .3% on a year-over-year basis. Research analysts expect that Amcor plc will post 0.74 EPS for the current year.

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Wednesday, February 26th were issued a dividend of $0.1275 per share. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $0.51 annualized dividend and a yield of 5.26%. Amcor’s dividend payout ratio is presently 92.73%.

Insiders Place Their Bets

In other news, Director Achal Agarwal purchased 10,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was acquired at an average price of $10.10 per share, with a total value of $101,000.00. Following the purchase, the director now directly owns 88,967 shares of the company’s stock, valued at $898,566.70. This represents a 12.66 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AMCR. Jefferies Financial Group upgraded shares of Amcor from a “hold” rating to a “buy” rating in a research note on Monday, February 3rd. Truist Financial upgraded 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. UBS Group upgraded Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Bank of America raised Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price objective for the company in a research report on Wednesday, December 11th. Finally, Citigroup raised Amcor from a “neutral” rating to a “buy” rating and boosted their target price for the company from $11.00 to $12.00 in a report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $11.46.

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.