37,017,226 Shares in Amcor PLC $AMCR Bought by Norges Bank

Norges Bank bought a new position in shares of Amcor PLC (NYSE:AMCR) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 37,017,226 shares of the company’s stock, valued at approximately $308,724,000. Norges Bank owned about 0.08% of Amcor at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Amcor by 8.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock worth $2,596,000 after acquiring an additional 20,757 shares during the period. Focus Partners Wealth lifted its position in Amcor by 11.3% during the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock worth $418,000 after acquiring an additional 4,396 shares during the period. Sivia Capital Partners LLC acquired a new stake in Amcor during the 2nd quarter worth about $138,000. Arrowstreet Capital Limited Partnership acquired a new stake in Amcor during the 2nd quarter worth about $6,426,000. Finally, CW Advisors LLC acquired a new stake in Amcor during the 2nd quarter worth about $228,000. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Stock Performance

Shares of AMCR stock opened at $37.72 on Tuesday. The stock has a market cap of $17.44 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 1.17 and a beta of 0.63. The business has a 50-day simple moving average of $39.43 and a 200-day simple moving average of $42.24. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. Amcor PLC has a 52-week low of $36.25 and a 52-week high of $50.94.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. The business had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The company’s revenue for the quarter was up 77.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.90 EPS. On average, equities analysts expect that Amcor PLC will post 3.97 EPS for the current year.

Amcor Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 6.9%. The ex-dividend date of this dividend is Thursday, May 28th. Amcor’s payout ratio is 181.82%.

Analysts Set New Price Targets

A number of analysts have commented on AMCR shares. Robert W. Baird set a $54.00 price target on Amcor in a research report on Wednesday, February 4th. Truist Financial reaffirmed a “buy” rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. JPMorgan Chase & Co. lowered their price target on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Citigroup lowered their price target on Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research report on Wednesday, April 1st. They set a “buy” rating and a $50.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.33.

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.