Amcor (NYSE:AMCR) Issues FY24 Earnings Guidance

Amcor (NYSE:AMCR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.67-$0.71 for the period, compared to the consensus estimate of $0.68.

Amcor Price Performance

Amcor stock traded down $0.04 during midday trading on Tuesday, reaching $9.38. 7,042,219 shares of the stock were exchanged, compared to its average volume of 9,409,433. The company’s fifty day moving average is $9.34 and its 200-day moving average is $9.28. The firm has a market cap of $13.56 billion, a PE ratio of 21.32, a PEG ratio of 10.42 and a beta of 0.78. The company has a debt-to-equity ratio of 1.74, a quick ratio of 0.71 and a current ratio of 1.25. Amcor has a 52 week low of $8.45 and a 52 week high of $11.39.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Tuesday, February 6th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. The business had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.29 billion. Amcor had a net margin of 4.59% and a return on equity of 24.28%. On average, sell-side analysts forecast that Amcor will post 0.68 EPS for the current year.

Amcor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 19th. Stockholders of record on Wednesday, February 28th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 5.33%. Amcor’s payout ratio is 113.64%.

Hedge Funds Weigh In On Amcor

Several hedge funds have recently made changes to their positions in AMCR. Money Concepts Capital Corp bought a new position in shares of Amcor during the fourth quarter valued at $31,000. Clear Street Markets LLC grew its stake in shares of Amcor by 93.6% in the first quarter. Clear Street Markets LLC now owns 2,913 shares of the company’s stock worth $33,000 after acquiring an additional 1,408 shares during the period. Chilton Capital Management LLC purchased a new position in shares of Amcor during the first quarter valued at approximately $63,000. Coppell Advisory Solutions Corp. bought a new position in Amcor during the fourth quarter valued at approximately $74,000. Finally, DC Investments Management LLC purchased a new stake in Amcor in the first quarter worth approximately $116,000. 49.52% of the stock is owned by hedge funds and other institutional investors.

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.