Amalgamated Bank Grows Stake in Amcor plc (NYSE:AMCR)

Amalgamated Bank boosted its position in Amcor plc (NYSE:AMCR) by 20.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 449,709 shares of the company’s stock after buying an additional 77,150 shares during the period. Amalgamated Bank’s holdings in Amcor were worth $4,398,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Envestnet Portfolio Solutions Inc. increased its stake in Amcor by 40.6% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 743,325 shares of the company’s stock valued at $7,069,000 after purchasing an additional 214,458 shares in the last quarter. Empowered Funds LLC increased its stake in Amcor by 244.2% in the 1st quarter. Empowered Funds LLC now owns 103,655 shares of the company’s stock valued at $986,000 after purchasing an additional 73,541 shares in the last quarter. M&G Plc increased its stake in Amcor by 2,741.7% in the 2nd quarter. M&G Plc now owns 47,164,358 shares of the company’s stock valued at $471,644,000 after purchasing an additional 45,504,608 shares in the last quarter. CHURCHILL MANAGEMENT Corp increased its stake in Amcor by 60.0% in the 1st quarter. CHURCHILL MANAGEMENT Corp now owns 601,225 shares of the company’s stock valued at $5,718,000 after purchasing an additional 225,441 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in Amcor by 236.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 1,648,279 shares of the company’s stock worth $15,675,000 after buying an additional 1,157,878 shares in the last quarter. 45.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AMCR has been the subject of several recent research reports. Wells Fargo & Company raised their price target on Amcor from $9.80 to $10.50 and gave the stock an “equal weight” rating in a research report on Friday, August 16th. Robert W. Baird raised their price target on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Stifel Nicolaus initiated coverage on Amcor in a research report on Tuesday, July 9th. They set a “hold” rating and a $10.80 price target for the company. JPMorgan Chase & Co. raised their price target on Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a research report on Tuesday, August 13th. Finally, Citigroup raised their price target on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $10.73.

Amcor Price Performance

Shares of NYSE:AMCR opened at $10.90 on Friday. The company has a market cap of $15.75 billion, a P/E ratio of 24.22, a P/E/G ratio of 2.68 and a beta of 0.85. The company has a quick ratio of 0.69, a current ratio of 1.17 and a debt-to-equity ratio of 1.67. Amcor plc has a 52 week low of $8.45 and a 52 week high of $11.45. The business has a fifty day simple moving average of $10.73 and a 200-day simple moving average of $10.02.

Amcor (NYSE:AMCR) last announced its quarterly earnings data on Thursday, August 15th. The company reported $0.21 EPS for the quarter, meeting analysts’ consensus estimates of $0.21. The business had revenue of $3.54 billion during the quarter, compared to the consensus estimate of $1.30 billion. Amcor had a return on equity of 25.45% and a net margin of 5.35%. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.19 earnings per share. Equities research analysts forecast that Amcor plc will post 0.75 EPS for the current year.

Amcor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, September 6th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date of this dividend is Friday, September 6th. Amcor’s payout ratio is currently 111.11%.

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.