Connable Office Inc. Acquires New Shares in Amcor PLC $AMCR

Connable Office Inc. acquired a new stake in shares of Amcor PLC (NYSE:AMCR) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 44,168 shares of the company’s stock, valued at approximately $406,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its position in Amcor by 42.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 15,111,854 shares of the company’s stock valued at $138,878,000 after purchasing an additional 4,498,695 shares during the period. Machina Capital S.A.S. boosted its position in Amcor by 1,724.1% during the 2nd quarter. Machina Capital S.A.S. now owns 371,368 shares of the company’s stock valued at $3,413,000 after purchasing an additional 351,009 shares during the period. Bank of Montreal Can boosted its position in Amcor by 33.9% during the 2nd quarter. Bank of Montreal Can now owns 1,038,501 shares of the company’s stock valued at $9,544,000 after purchasing an additional 262,917 shares during the period. Burney Co. acquired a new position in Amcor during the 2nd quarter valued at approximately $2,371,000. Finally, W.G. Shaheen & Associates DBA Whitney & Co acquired a new position in Amcor during the 2nd quarter valued at approximately $114,000. Institutional investors and hedge funds own 45.14% of the company’s stock.

Insider Activity at Amcor

In related news, Director Stephen E. Sterrett bought 10,000 shares of Amcor stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average cost of $8.55 per share, with a total value of $85,500.00. Following the completion of the acquisition, the director directly owned 10,000 shares in the company, valued at approximately $85,500. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

AMCR has been the subject of a number of analyst reports. Wells Fargo & Company reduced their price objective on Amcor from $11.00 to $9.00 and set an “overweight” rating for the company in a research report on Wednesday, October 15th. Stifel Nicolaus upgraded Amcor from a “hold” rating to a “buy” rating and set a $10.20 price target for the company in a research report on Friday, October 10th. JPMorgan Chase & Co. began coverage on Amcor in a research report on Friday, September 19th. They set an “overweight” rating and a $10.00 price target for the company. Robert W. Baird reduced their price target on Amcor from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Friday, August 15th. Finally, Royal Bank Of Canada began coverage on Amcor in a research report on Monday, September 22nd. They set a “sector perform” rating for the company. Ten analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.84.

Amcor Trading Down 0.6%

Shares of Amcor stock opened at $7.86 on Tuesday. 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 has a market cap of $18.11 billion, a price-to-earnings ratio of 21.82, a price-to-earnings-growth ratio of 1.14 and a beta of 0.73. The business has a fifty day simple moving average of $8.19 and a 200-day simple moving average of $8.91. Amcor PLC has a fifty-two week low of $7.66 and a fifty-two week high of $10.70.

Amcor (NYSE:AMCR) last announced its quarterly earnings data on Thursday, August 14th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.01). The firm had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.18 billion. Amcor had a net margin of 3.40% and a return on equity of 19.43%. The company’s quarterly revenue was up 43.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.21 EPS. Amcor has set its FY 2026 guidance at 0.800-0.830 EPS. On average, equities analysts forecast that Amcor PLC will post 0.74 EPS for the current fiscal year.

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Friday, September 5th were issued a dividend of $0.1275 per share. This represents a $0.51 annualized dividend and a dividend yield of 6.5%. The ex-dividend date of this dividend was Friday, September 5th. Amcor’s dividend payout ratio is currently 141.67%.

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.