Principal Financial Group Inc. Acquires 105,457 Shares of Amcor plc (NYSE:AMCR)

Principal Financial Group Inc. lifted its holdings in Amcor plc (NYSE:AMCR - Free Report) by 5.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,969,613 shares of the company's stock after purchasing an additional 105,457 shares during the period. Principal Financial Group Inc. owned about 0.14% of Amcor worth $22,316,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Rise Advisors LLC bought a new stake in Amcor during the third quarter valued at about $35,000. ORG Wealth Partners LLC purchased a new stake in Amcor in the 3rd quarter worth approximately $35,000. Quent Capital LLC increased its holdings in Amcor by 51.8% in the 2nd quarter. Quent Capital LLC now owns 3,638 shares of the company's stock worth $36,000 after acquiring an additional 1,241 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Amcor by 132.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,416 shares of the company's stock worth $39,000 after acquiring an additional 2,519 shares during the period. Finally, UMB Bank n.a. lifted its holdings in Amcor by 38.7% during the second quarter. UMB Bank n.a. now owns 4,656 shares of the company's stock valued at $46,000 after purchasing an additional 1,299 shares in the last quarter. Hedge funds and other institutional investors own 45.14% of the company's stock.

Amcor Price Performance

Shares of AMCR traded up $0.11 during midday trading on Thursday, hitting $10.22. 5,012,692 shares of the company traded hands, compared to its average volume of 8,777,387. The stock has a market cap of $14.77 billion, a price-to-earnings ratio of 19.08, a PEG ratio of 1.83 and a beta of 0.85. The firm has a 50 day moving average of $10.96 and a 200-day moving average of $10.48. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.74 and a current ratio of 1.29. Amcor plc has a 52 week low of $8.78 and a 52 week high of $11.48.

Amcor (NYSE:AMCR - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. The business had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. Amcor had a return on equity of 25.60% and a net margin of 5.68%. The firm's revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.16 EPS. On average, analysts forecast that Amcor plc will post 0.74 EPS for the current fiscal year.

Amcor Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.1275 per share. The ex-dividend date of this dividend is Thursday, November 21st. This is an increase from Amcor's previous quarterly dividend of $0.13. This represents a $0.51 dividend on an annualized basis and a yield of 4.99%. Amcor's dividend payout ratio is 96.23%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AMCR. Robert W. Baird increased their price objective on shares of Amcor from $10.00 to $11.00 and gave the stock a "neutral" rating in a research note on Friday, August 16th. Wells Fargo & Company raised their price target on Amcor from $10.50 to $10.80 and gave the company an "equal weight" rating in a report on Tuesday, October 15th. JPMorgan Chase & Co. upped their price objective on Amcor from $10.00 to $11.10 and gave the stock an "overweight" rating in a research note on Tuesday, August 13th. 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 research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, Amcor currently has an average rating of "Hold" and a consensus price target of $10.94.

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.