State of Alaska Department of Revenue Raises Stake in Amcor plc (NYSE:AMCR)

State of Alaska Department of Revenue raised its position in shares of Amcor plc (NYSE:AMCR) by 79.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 313,261 shares of the company’s stock after purchasing an additional 138,695 shares during the period. State of Alaska Department of Revenue’s holdings in Amcor were worth $3,549,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. lifted its holdings in Amcor by 40.6% during the first 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 lifted its holdings in Amcor by 244.2% during the first 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 lifted its holdings in Amcor by 2,741.7% during the second 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. O Shaughnessy Asset Management LLC lifted its holdings 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 valued at $15,675,000 after purchasing an additional 1,157,878 shares in the last quarter. Finally, SteelPeak Wealth LLC purchased a new position in Amcor during the second quarter valued at approximately $781,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Price Performance

Amcor stock opened at $11.07 on Thursday. The company has a market cap of $16.00 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 2.72 and a beta of 0.85. The firm’s fifty day moving average is $11.15 and its 200 day moving average is $10.39. 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 $8.59 and a 52-week high of $11.48.

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

Amcor Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Friday, September 6th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 4.52%. The ex-dividend date of this dividend was Friday, September 6th. Amcor’s payout ratio is 111.11%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on AMCR shares. JPMorgan Chase & Co. lifted their price target on shares of Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a report on Tuesday, August 13th. Citigroup boosted their target price on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Wells Fargo & Company boosted their target price on shares of Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Stifel Nicolaus assumed coverage on shares of Amcor in a report on Tuesday, July 9th. They issued a “hold” rating and a $10.80 target price on the stock. Finally, Robert W. Baird boosted their target price on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Friday, August 16th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $10.78.

Amcor Company 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.