OVERSEA CHINESE BANKING Corp Ltd Buys 214,287 Shares of Amcor plc (NYSE:AMCR)

OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Amcor plc (NYSE:AMCR) by 41.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 731,063 shares of the company’s stock after buying an additional 214,287 shares during the period. OVERSEA CHINESE BANKING Corp Ltd owned about 0.05% of Amcor worth $6,879,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Barclays PLC raised its holdings in shares of Amcor by 31.8% during the 3rd 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 in the last quarter. Franklin Resources Inc. raised its holdings in shares of Amcor by 39.3% during the 3rd quarter. Franklin Resources Inc. now owns 719,749 shares of the company’s stock worth $8,162,000 after buying an additional 203,166 shares in the last quarter. Natixis Advisors LLC raised its holdings in shares of Amcor by 24.5% during the 3rd quarter. Natixis Advisors LLC now owns 634,631 shares of the company’s stock worth $7,190,000 after buying an additional 124,945 shares in the last quarter. Cerity Partners LLC raised its holdings in shares of Amcor by 78.7% during the 3rd quarter. Cerity Partners LLC now owns 217,498 shares of the company’s stock worth $2,464,000 after buying an additional 95,805 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Amcor during the 3rd quarter worth $5,919,000. Institutional investors and hedge funds own 45.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AMCR. Citigroup raised 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. Macquarie raised Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. Truist Financial raised Amcor from a “hold” rating to a “buy” rating and upped their target price for the stock from $10.00 to $12.00 in a report on Monday, January 6th. UBS Group raised Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 11th. Finally, Jefferies Financial Group raised Amcor from a “hold” rating to a “buy” rating in a report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $11.46.

Amcor Trading Up 0.7 %

Shares of AMCR stock opened at $9.91 on Wednesday. The stock has a market cap of $14.32 billion, a price-to-earnings ratio of 18.01, a PEG ratio of 1.96 and a beta of 0.80. The stock has a 50-day moving average of $9.92 and a 200-day moving average of $10.32. The company has a current ratio of 1.26, a quick ratio of 0.71 and a debt-to-equity ratio of 1.80. Amcor plc has a 1-year low of $8.80 and a 1-year high of $11.48.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. Amcor had a return on equity of 26.14% and a net margin of 5.89%. The company had revenue of $3.24 billion during the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter in the prior year, the firm posted $0.09 earnings per share. The business’s quarterly revenue was down .3% on a year-over-year basis. On average, equities research analysts forecast that Amcor plc will post 0.74 earnings per share for the current year.

Amcor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Wednesday, February 26th were given a dividend of $0.1275 per share. The ex-dividend date was Wednesday, February 26th. This represents a $0.51 annualized dividend and a dividend yield of 5.15%. Amcor’s payout ratio is 92.73%.

Insider Activity at Amcor

In other Amcor news, Director Achal Agarwal bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The shares were bought at an average price 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 trade represents a 12.66 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.60% of the stock is owned by corporate insiders.

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.