Empowered Funds LLC Has $11.30 Million Stock Holdings in Amcor PLC $AMCR

Empowered Funds LLC lifted its holdings in shares of Amcor PLC (NYSE:AMCR) by 724.0% in the second quarter, according to its most recent filing with the SEC. The firm owned 1,229,780 shares of the company’s stock after acquiring an additional 1,080,536 shares during the period. Empowered Funds LLC’s holdings in Amcor were worth $11,302,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in Amcor by 55.3% during the second quarter. Geode Capital Management LLC now owns 58,845,923 shares of the company’s stock worth $538,551,000 after purchasing an additional 20,946,520 shares during the period. M&G PLC raised its holdings in shares of Amcor by 23.4% in the 2nd quarter. M&G PLC now owns 85,596,005 shares of the company’s stock worth $770,364,000 after buying an additional 16,212,783 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Amcor in the 2nd quarter worth approximately $139,307,000. Vanguard Group Inc. lifted its position in shares of Amcor by 15.5% during the 1st quarter. Vanguard Group Inc. now owns 68,105,901 shares of the company’s stock worth $660,627,000 after buying an additional 9,119,308 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in Amcor by 4,928.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,732,524 shares of the company’s stock valued at $44,817,000 after buying an additional 4,638,412 shares in the last quarter. Institutional investors own 45.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AMCR. The Goldman Sachs Group started coverage on Amcor in a research note on Wednesday, September 10th. They set a “buy” rating for the company. Robert W. Baird dropped their target price on shares of Amcor from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Friday, August 15th. Wells Fargo & Company cut their price target on shares of Amcor from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday, October 15th. Stifel Nicolaus raised shares of Amcor from a “hold” rating to a “buy” rating and set a $10.20 price objective on the stock in a research note on Friday, October 10th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Amcor in a report on Friday, September 19th. They set an “overweight” rating and a $10.00 price objective for the company. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Amcor currently has an average rating of “Moderate Buy” and a consensus price target of $10.91.

Amcor Stock Up 0.1%

Shares of NYSE AMCR opened at $8.46 on Wednesday. Amcor PLC has a 12-month low of $7.66 and a 12-month high of $10.70. The firm’s 50-day simple moving average is $8.17 and its 200 day simple moving average is $8.82. 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 company has a market cap of $19.49 billion, a price-to-earnings ratio of 23.49, a price-to-earnings-growth ratio of 1.14 and a beta of 0.72.

Amcor (NYSE:AMCR) last released its earnings results on Wednesday, November 5th. The company reported $0.19 EPS for the quarter, meeting the consensus estimate of $0.19. Amcor had a return on equity of 19.43% and a net margin of 3.40%.The company had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.77 billion. During the same period last year, the firm earned $0.16 EPS. The business’s revenue for the quarter was up 71.3% on a year-over-year basis. On average, research analysts expect that Amcor PLC will post 0.74 earnings per share for the current fiscal year.

Amcor Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 17th. Shareholders of record on Friday, November 28th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, November 28th. This represents a $0.52 annualized dividend and a yield of 6.2%. This is an increase from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio (DPR) is presently 152.94%.

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.