Amcor plc (NYSE:AMCR) Stock Position Boosted by M&G Plc

M&G Plc increased its holdings in shares of Amcor plc (NYSE:AMCR) by 2,741.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 47,164,358 shares of the company’s stock after purchasing an additional 45,504,608 shares during the period. Amcor accounts for about 2.8% of M&G Plc’s holdings, making the stock its 5th biggest holding. M&G Plc’s holdings in Amcor were worth $471,644,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new stake in Amcor during the 4th quarter valued at $155,438,000. Norges Bank purchased a new stake in shares of Amcor during the fourth quarter worth about $47,669,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Amcor by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 20,604,159 shares of the company’s stock worth $195,946,000 after acquiring an additional 2,086,698 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Amcor by 2.1% in the first quarter. Vanguard Group Inc. now owns 56,749,318 shares of the company’s stock valued at $539,686,000 after purchasing an additional 1,170,986 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its holdings in Amcor by 236.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,648,279 shares of the company’s stock worth $15,675,000 after purchasing an additional 1,157,878 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on AMCR. Stifel Nicolaus started coverage on Amcor in a research note on Tuesday, July 9th. They set a “hold” rating and a $10.80 target price for the company. Wells Fargo & Company started coverage on shares of Amcor in a research note on Friday, June 28th. They set an “equal weight” rating and a $9.80 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $10.43.

Amcor Stock Performance

AMCR stock traded up $0.20 on Tuesday, reaching $10.70. The company’s stock had a trading volume of 10,070,162 shares, compared to its average volume of 9,211,685. Amcor plc has a 52 week low of $8.45 and a 52 week high of $10.74. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.29 and a quick ratio of 0.75. The company has a market capitalization of $15.47 billion, a P/E ratio of 23.34, a price-to-earnings-growth ratio of 4.64 and a beta of 0.86. The firm has a fifty day moving average of $10.06 and a two-hundred day moving average of $9.65.

Amcor Company 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.