661,294 Shares in Amcor plc (NYSE:AMCR) Acquired by Norges Bank

Norges Bank bought a new stake in Amcor plc (NYSE:AMCR - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 661,294 shares of the company's stock, valued at approximately $6,223,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AMCR. Jones Financial Companies Lllp increased its stake in Amcor by 247.4% in the fourth quarter. Jones Financial Companies Lllp now owns 3,735 shares of the company's stock worth $35,000 after purchasing an additional 2,660 shares during the period. Bank Julius Baer & Co. Ltd Zurich bought a new stake in Amcor during the 4th quarter valued at about $44,000. SBI Securities Co. Ltd. bought a new stake in Amcor during the 4th quarter valued at about $60,000. Steward Partners Investment Advisory LLC boosted its position in Amcor by 11,326.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,313 shares of the company's stock valued at $69,000 after buying an additional 7,249 shares during the period. Finally, Graypoint LLC bought a new stake in shares of Amcor during the fourth quarter valued at approximately $97,000. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Stock Performance

AMCR traded down $0.07 on Tuesday, reaching $9.48. 4,681,831 shares of the stock were exchanged, compared to its average volume of 25,993,641. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.26 and a quick ratio of 0.71. The company's 50-day moving average price is $9.78 and its 200 day moving average price is $10.07. The firm has a market capitalization of $13.69 billion, a PE ratio of 17.23, a PEG ratio of 1.96 and a beta of 0.78. Amcor plc has a fifty-two week low of $8.37 and a fifty-two week high of $11.48.

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Amcor (NYSE:AMCR - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.16 EPS for the quarter, meeting the consensus estimate of $0.16. The business had revenue of $3.24 billion for the quarter, compared to the consensus estimate of $3.33 billion. Amcor had a net margin of 5.89% and a return on equity of 26.14%. The business's revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.09 EPS. As a group, sell-side analysts forecast that Amcor plc will post 0.74 EPS for the current fiscal year.

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Stockholders of record on Wednesday, February 26th were paid a dividend of $0.1275 per share. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.38%. Amcor's payout ratio is 92.73%.

Insider Buying and Selling at Amcor

In related news, Director Achal Agarwal acquired 10,000 shares of the firm's stock in a transaction on Thursday, February 27th. The shares were acquired at an average cost of $10.10 per share, with a total value of $101,000.00. Following the completion of the acquisition, the director now directly owns 88,967 shares in the company, valued at approximately $898,566.70. This trade represents a 12.66 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AMCR. Citigroup upgraded Amcor from a "neutral" rating to a "buy" rating and upped their target price for the stock from $11.00 to $12.00 in a report on Monday, January 6th. Jefferies Financial Group raised shares of Amcor from a "hold" rating to a "buy" rating in a research note on Monday, February 3rd. Finally, Truist Financial raised shares of Amcor from a "hold" rating to a "buy" rating and raised their target price for the company from $10.00 to $12.00 in a research report on Monday, January 6th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus 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.