Geode Capital Management LLC Boosts Position in Amcor plc (NYSE:AMCR)

Geode Capital Management LLC boosted its position in Amcor plc (NYSE:AMCR) by 2.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,317,037 shares of the company’s stock after purchasing an additional 697,320 shares during the period. Geode Capital Management LLC owned about 2.51% of Amcor worth $410,144,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of Amcor by 3.9% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 414,564 shares of the company’s stock worth $4,054,000 after purchasing an additional 15,416 shares in the last quarter. ORG Partners LLC bought a new stake in Amcor during the second quarter valued at about $47,000. Hennion & Walsh Asset Management Inc. increased its position in Amcor by 2.1% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 142,553 shares of the company’s stock worth $1,394,000 after buying an additional 2,897 shares in the last quarter. First Citizens Bank & Trust Co. raised its stake in shares of Amcor by 3.0% in the second quarter. First Citizens Bank & Trust Co. now owns 641,608 shares of the company’s stock worth $6,275,000 after buying an additional 18,433 shares during the period. Finally, Pallas Capital Advisors LLC purchased a new position in shares of Amcor during the 2nd quarter valued at about $263,000. 45.14% of the stock is currently owned by institutional investors.

Amcor Price Performance

Shares of Amcor stock opened at $9.90 on Friday. The firm has a market cap of $14.30 billion, a PE ratio of 18.67, a PEG ratio of 1.80 and a beta of 0.82. The stock has a 50 day moving average of $10.60 and a 200 day moving average of $10.52. The company has a current ratio of 1.29, a quick ratio of 0.74 and a debt-to-equity ratio of 1.80. Amcor plc has a 12 month low of $8.78 and a 12 month high of $11.48.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.16. Amcor had a return on equity of 25.60% and a net margin of 5.68%. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the company earned $0.16 earnings per share. Amcor’s revenue was down 2.6% on a year-over-year basis. On average, research analysts expect that Amcor plc will post 0.74 EPS for the current fiscal year.

Amcor Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st were given a $0.1275 dividend. This represents a $0.51 annualized dividend and a yield of 5.15%. The ex-dividend date of this dividend was Thursday, November 21st. This is an increase from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio is 96.23%.

Analysts Set New Price Targets

A number of equities research analysts have commented on AMCR shares. Bank of America upgraded shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 target price on the stock in a research note on Wednesday. Robert W. Baird lifted their target price on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Wells Fargo & Company increased their price target on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. UBS Group upgraded Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Finally, Citigroup lifted their target price on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $11.20.

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.