Raymond James Financial Inc. Acquires Shares of 2,530,334 Amcor plc (NYSE:AMCR)

Raymond James Financial Inc. acquired a new position in shares of Amcor plc (NYSE:AMCR - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,530,334 shares of the company's stock, valued at approximately $23,810,000. Raymond James Financial Inc. owned 0.18% of Amcor at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Amcor by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 58,986,593 shares of the company's stock worth $555,064,000 after purchasing an additional 1,249,868 shares during the period. Barclays PLC increased its stake in shares of Amcor by 31.8% during the third quarter. Barclays PLC now owns 4,544,118 shares of the company's stock worth $51,484,000 after buying an additional 1,096,664 shares during the period. Franklin Resources Inc. raised its holdings in Amcor by 39.3% in the third quarter. Franklin Resources Inc. now owns 719,749 shares of the company's stock valued at $8,162,000 after acquiring an additional 203,166 shares in the last quarter. Van ECK Associates Corp purchased a new position in Amcor in the fourth quarter worth approximately $2,605,000. Finally, Tidal Investments LLC lifted its stake in Amcor by 292.5% in the third quarter. Tidal Investments LLC now owns 81,439 shares of the company's stock worth $923,000 after acquiring an additional 60,691 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Achal Agarwal acquired 10,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were purchased at an average cost of $10.10 per share, for a total transaction of $101,000.00. Following the transaction, the director now directly owns 88,967 shares in the company, valued at approximately $898,566.70. This represents a 12.66 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.60% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Raymond James initiated coverage on shares of Amcor in a report on Tuesday. They issued a "market perform" rating on the stock. Truist Financial cut their price target on Amcor from $12.00 to $11.00 and set a "buy" rating on the stock in a research note on Tuesday. Jefferies Financial Group raised Amcor from a "hold" rating to a "buy" rating in a research report on Monday, February 3rd. Finally, Citigroup raised Amcor from a "neutral" rating to a "buy" rating and raised their target price for the stock from $11.00 to $12.00 in a research report on Monday, January 6th. Four equities research 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $11.31.

Amcor Stock Performance

AMCR traded down $0.04 during trading on Wednesday, hitting $9.53. 26,102,527 shares of the stock were exchanged, compared to its average volume of 15,344,985. The firm has a market capitalization of $13.77 billion, a P/E ratio of 17.25, a PEG ratio of 1.96 and a beta of 0.78. Amcor plc has a 1-year low of $8.37 and a 1-year high of $11.48. The stock has a fifty day moving average price of $9.70 and a two-hundred day moving average price of $10.00. The company has a quick ratio of 0.71, a current ratio of 1.26 and a debt-to-equity ratio of 1.80.

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

Amcor Dividend Announcement

The business also recently declared 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. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date was Wednesday, February 26th. Amcor's dividend payout ratio is currently 92.73%.

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.