Wells Fargo & Company MN Raises Stake in Amcor plc (NYSE:AMCR)

Wells Fargo & Company MN increased its position in Amcor plc (NYSE:AMCR) by 26.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,657,298 shares of the company’s stock after buying an additional 755,189 shares during the period. Wells Fargo & Company MN owned about 0.25% of Amcor worth $34,415,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of AMCR. Vanguard Group Inc. raised its holdings in Amcor by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 58,986,593 shares of the company’s stock valued at $555,064,000 after acquiring an additional 1,249,868 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Amcor by 6.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 46,052,929 shares of the company’s stock valued at $433,358,000 after purchasing an additional 2,862,471 shares during the period. Geode Capital Management LLC increased its stake in Amcor by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 36,856,793 shares of the company’s stock valued at $345,952,000 after purchasing an additional 539,756 shares during the last quarter. Wellington Management Group LLP lifted its position in Amcor by 25.1% during the fourth quarter. Wellington Management Group LLP now owns 27,971,885 shares of the company’s stock worth $263,215,000 after buying an additional 5,614,233 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Amcor by 1.0% in the 4th quarter. JPMorgan Chase & Co. now owns 8,881,049 shares of the company’s stock worth $83,571,000 after buying an additional 86,456 shares during the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Price Performance

Amcor stock opened at $9.01 on Friday. The firm has a fifty day moving average of $9.81 and a 200-day moving average of $10.10. Amcor plc has a 52-week low of $8.37 and a 52-week high of $11.48. The company has a quick ratio of 0.71, a current ratio of 1.26 and a debt-to-equity ratio of 1.80. The firm has a market capitalization of $13.02 billion, a P/E ratio of 16.37, a PEG ratio of 1.96 and a beta of 0.78.

Amcor (NYSE:AMCR) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.16 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.16. The firm had revenue of $3.24 billion during the quarter, compared to the consensus estimate of $3.33 billion. Amcor had a return on equity of 26.14% and a net margin of 5.89%. The firm’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.09 EPS. As a group, analysts predict that Amcor plc will post 0.74 EPS for the current year.

Amcor Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Wednesday, February 26th were issued a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a yield of 5.66%. The ex-dividend date of this dividend was Wednesday, February 26th. Amcor’s dividend payout ratio is presently 92.73%.

Insiders Place Their Bets

In other news, Director Achal Agarwal acquired 10,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was bought at an average cost of $10.10 per share, with a total value 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 can be accessed through this link. 0.60% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Jefferies Financial Group raised shares of Amcor from a “hold” rating to a “buy” rating in a research note on Monday, February 3rd. Truist Financial raised shares of Amcor from a “hold” rating to a “buy” rating and upped their price target for the stock from $10.00 to $12.00 in a research report on Monday, January 6th. Finally, Citigroup upgraded shares of Amcor from a “neutral” rating to a “buy” rating and lifted their price target for the company from $11.00 to $12.00 in a report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $11.46.

About Amcor

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.