SteelPeak Wealth LLC Makes New Investment in Amcor PLC $AMCR

SteelPeak Wealth LLC bought a new position in Amcor PLC (NYSE:AMCR) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 21,712 shares of the company’s stock, valued at approximately $863,000.

Several other hedge funds have also recently made changes to their positions in AMCR. N.E.W. Advisory Services LLC grew its position in Amcor by 10.1% in the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock worth $34,000 after acquiring an additional 373 shares in the last quarter. CYBER HORNET ETFs LLC raised its position in Amcor by 11.1% during the fourth quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company’s stock valued at $37,000 after purchasing an additional 447 shares during the period. FineMark National Bank & Trust lifted its stake in shares of Amcor by 0.6% in the 4th quarter. FineMark National Bank & Trust now owns 80,503 shares of the company’s stock valued at $671,000 after purchasing an additional 503 shares during the last quarter. United Asset Strategies Inc. lifted its stake in shares of Amcor by 1.6% in the 4th quarter. United Asset Strategies Inc. now owns 38,453 shares of the company’s stock valued at $321,000 after purchasing an additional 597 shares during the last quarter. Finally, AdvisorNet Financial Inc purchased a new position in shares of Amcor in the 1st quarter worth approximately $25,000. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on AMCR shares. Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research report on Wednesday, April 1st. They set a “buy” rating and a $50.00 target price on the stock. JPMorgan Chase & Co. lowered their price target on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. BMO Capital Markets initiated coverage on shares of Amcor in a research note on Thursday. They set a “market perform” rating and a $47.00 price objective for the company. Citigroup cut their price objective on shares of Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Finally, Weiss Ratings raised shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.40.

Amcor Stock Down 2.0%

Shares of NYSE:AMCR opened at $43.96 on Friday. The firm has a market capitalization of $20.32 billion, a PE ratio of 30.74, a price-to-earnings-growth ratio of 1.38 and a beta of 0.62. The business has a 50 day simple moving average of $40.65 and a two-hundred day simple moving average of $42.18. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, hitting the consensus estimate of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The firm had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the prior year, the business posted $0.90 earnings per share. The company’s revenue for the quarter was up 77.4% on a year-over-year basis. On average, equities analysts predict that Amcor PLC will post 3.97 EPS for the current year.

Amcor Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th were paid a $0.65 dividend. The ex-dividend date was Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a yield of 5.9%. Amcor’s dividend payout ratio (DPR) is presently 181.82%.

Amcor Company Profile

Amcor (NYSE: AMCR) is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company’s product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor’s packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.