Korea Investment CORP Grows Position in Amcor PLC $AMCR

Korea Investment CORP increased its stake in shares of Amcor PLC (NYSE:AMCR) by 28.9% in the second quarter, Holdings Channel.com reports. The fund owned 1,633,951 shares of the company’s stock after purchasing an additional 366,690 shares during the period. Korea Investment CORP’s holdings in Amcor were worth $15,016,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of AMCR. NewSquare Capital LLC lifted its stake in Amcor by 377.9% in the 2nd quarter. NewSquare Capital LLC now owns 2,810 shares of the company’s stock worth $26,000 after purchasing an additional 2,222 shares in the last quarter. AdvisorNet Financial Inc increased its holdings in shares of Amcor by 839.8% in the second quarter. AdvisorNet Financial Inc now owns 3,026 shares of the company’s stock worth $28,000 after purchasing an additional 2,704 shares during the last quarter. Adirondack Trust Co. purchased a new stake in shares of Amcor in the second quarter worth about $29,000. Bartlett & CO. Wealth Management LLC bought a new position in Amcor during the second quarter valued at approximately $33,000. Finally, LSV Asset Management bought a new position in Amcor during the second quarter valued at approximately $37,000. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Trading Down 1.0%

AMCR stock opened at $8.54 on Friday. Amcor PLC has a twelve month low of $7.66 and a twelve month high of $10.70. The stock has a market capitalization of $19.68 billion, a price-to-earnings ratio of 23.71, a price-to-earnings-growth ratio of 1.14 and a beta of 0.72. The company has a quick ratio of 0.71, a current ratio of 1.21 and a debt-to-equity ratio of 1.18. The firm’s fifty day simple moving average is $8.21 and its two-hundred day simple moving average is $8.79.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.19 EPS for the quarter, hitting analysts’ consensus estimates of $0.19. The firm had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.77 billion. Amcor had a net margin of 3.40% and a return on equity of 19.43%. The firm’s revenue for the quarter was up 71.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.16 EPS. As a group, analysts anticipate that Amcor PLC will post 0.74 earnings per share for the current year.

Amcor Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Friday, November 28th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 6.1%. This is a boost from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date is Friday, November 28th. Amcor’s dividend payout ratio (DPR) is presently 152.94%.

Analyst Ratings Changes

Several analysts have recently issued reports on AMCR shares. Robert W. Baird decreased their price objective on Amcor from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Friday, August 15th. Stifel Nicolaus upgraded shares of Amcor from a “hold” rating to a “buy” rating and set a $10.20 price target on the stock in a research report on Friday, October 10th. Wells Fargo & Company lowered their price objective on shares of Amcor from $11.00 to $9.00 and set an “overweight” rating for the company in a research report on Wednesday, October 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of Amcor in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada initiated coverage on shares of Amcor in a research report on Monday, September 22nd. They set a “sector perform” rating on the stock. Ten investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Amcor has a consensus rating of “Moderate Buy” and a consensus target price of $10.91.

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.