Amcor plc (NYSE:AMCR) Shares Acquired by Wells Fargo & Company MN

Wells Fargo & Company MN boosted its stake in Amcor plc (NYSE:AMCR) by 26.0% during the 4th quarter, HoldingsChannel reports. The fund owned 3,657,298 shares of the company’s stock after buying an additional 755,189 shares during the period. Wells Fargo & Company MN’s holdings in Amcor were worth $34,415,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in AMCR. Kovitz Investment Group Partners LLC bought a new position in Amcor during the 3rd quarter worth approximately $232,000. EP Wealth Advisors LLC bought a new position in Amcor during the third quarter worth $636,000. National Bank of Canada FI boosted its holdings in Amcor by 85.9% in the third quarter. National Bank of Canada FI now owns 738,733 shares of the company’s stock worth $8,370,000 after purchasing an additional 341,270 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Amcor during the third quarter valued at $5,919,000. Finally, Barclays PLC raised its holdings in shares of Amcor by 31.8% during the third quarter. Barclays PLC now owns 4,544,118 shares of the company’s stock worth $51,484,000 after purchasing an additional 1,096,664 shares during the period. 45.14% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Achal Agarwal acquired 10,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were acquired at an average price of $10.10 per share, for a total transaction of $101,000.00. Following the completion of the purchase, the director now directly owns 88,967 shares of the company’s stock, valued at $898,566.70. The trade was a 12.66 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Jefferies Financial Group raised shares of Amcor from a “hold” rating to a “buy” rating in a report on Monday, February 3rd. Truist Financial upgraded Amcor from a “hold” rating to a “buy” rating and lifted their target price for the company from $10.00 to $12.00 in a research note on Monday, January 6th. Finally, Citigroup upgraded Amcor from a “neutral” rating to a “buy” rating and increased their price target for the stock from $11.00 to $12.00 in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $11.46.

Amcor Price Performance

Shares of NYSE:AMCR opened at $9.01 on Friday. The firm’s 50 day moving average is $9.81 and its two-hundred day moving average is $10.10. The firm has a market capitalization of $13.02 billion, a P/E ratio of 16.37, a PEG ratio of 1.96 and a beta of 0.78. The company has a current ratio of 1.26, a quick ratio of 0.71 and a debt-to-equity ratio of 1.80. Amcor plc has a 52 week low of $8.37 and a 52 week high of $11.48.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.16. The business had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.33 billion. Amcor had a return on equity of 26.14% and a net margin of 5.89%. The business’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.09 EPS. Analysts anticipate that Amcor plc will post 0.74 earnings per share for the current year.

Amcor Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Wednesday, February 26th were paid a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.66%. The ex-dividend date of this dividend was Wednesday, February 26th. Amcor’s dividend payout ratio is currently 92.73%.

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.