North Star Asset Management Inc. Makes New $2.46 Million Investment in Amcor PLC $AMCR

North Star Asset Management Inc. purchased a new position in shares of Amcor PLC (NYSE:AMCR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 56,728 shares of the company’s stock, valued at approximately $2,459,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Public Employees Retirement System of Ohio acquired a new position in shares of Amcor in the second quarter valued at approximately $5,709,000. Parvin Asset Management LLC acquired a new stake in Amcor during the 2nd quarter worth approximately $1,493,000. Ancora Advisors LLC acquired a new stake in Amcor during the 2nd quarter worth approximately $39,470,000. Foster & Motley Inc. purchased a new position in Amcor in the 2nd quarter valued at approximately $369,000. Finally, Commerzbank Aktiengesellschaft FI purchased a new position in Amcor in the 2nd quarter valued at approximately $3,126,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Price Performance

Amcor stock opened at $46.57 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.76 and a debt-to-equity ratio of 1.17. The company has a fifty day simple moving average of $44.86 and a 200-day simple moving average of $42.71. The stock has a market cap of $21.53 billion, a P/E ratio of 19.73, a price-to-earnings-growth ratio of 2.58 and a beta of 0.62. Amcor PLC has a 12-month low of $36.25 and a 12-month high of $50.94.

Amcor (NYSE:AMCR) last posted its earnings results on Thursday, August 13th. The company reported $1.23 EPS for the quarter, beating the consensus estimate of $1.19 by $0.04. Amcor had a return on equity of 15.92% and a net margin of 4.71%.The firm had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.05 billion. During the same quarter in the prior year, the company posted $0.20 earnings per share. Amcor’s revenue for the quarter was up 25.9% compared to the same quarter last year. Equities analysts expect that Amcor PLC will post 1.84 EPS for the current fiscal year.

Amcor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Friday, September 4th will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend is Friday, September 4th. Amcor’s dividend payout ratio is currently 110.17%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Jefferies Financial Group set a $44.92 price objective on Amcor and gave the stock a “hold” rating in a research report on Tuesday, July 21st. Wells Fargo & Company lifted their target price on Amcor from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday, August 14th. Bank of America boosted their target price on Amcor from $48.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Weiss Ratings restated a “hold (c)” rating on shares of Amcor in a report on Friday, August 7th. Finally, Citigroup reaffirmed a “buy” rating and issued a $52.00 price target (up from $47.00) on shares of Amcor in a research report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $49.49.

Amcor Company Profile

Amcor (NYSE: AMCR) is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company’s product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor’s packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.