Amcor plc (NYSE:AMCR) Shares Bought by Sompo Asset Management Co. Ltd.

by · The Markets Daily

Sompo Asset Management Co. Ltd. grew its stake in Amcor plc (NYSE:AMCR – Free Report) by 30.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 609,250 shares of the company’s stock after purchasing an additional 140,850 shares during the quarter. Amcor makes up approximately 1.1% of Sompo Asset Management Co. Ltd.’s holdings, making the stock its 25th biggest holding. Sompo Asset Management Co. Ltd.’s holdings in Amcor were worth $6,903,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Amcor by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 56,749,318 shares of the company’s stock worth $539,686,000 after buying an additional 1,170,986 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Amcor by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,604,159 shares of the company’s stock worth $195,946,000 after purchasing an additional 2,086,698 shares during the last quarter. Kinloch Capital LLC increased its stake in Amcor by 40.4% during the first quarter. Kinloch Capital LLC now owns 314,318 shares of the company’s stock valued at $2,989,000 after purchasing an additional 90,415 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in shares of Amcor by 2.6% during the first quarter. B. Riley Wealth Advisors Inc. now owns 125,029 shares of the company’s stock worth $1,145,000 after purchasing an additional 3,227 shares during the period. Finally, Meiji Yasuda Life Insurance Co bought a new position in shares of Amcor in the 1st quarter worth about $97,000. Institutional investors own 45.14% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on AMCR. Citigroup increased their price objective on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. raised their price target on Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a report on Tuesday, August 13th. Wells Fargo & Company upped their price objective on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Finally, Robert W. Baird raised their target price on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Amcor currently has a consensus rating of “Hold” and a consensus price target of $10.94.

Read Our Latest Stock Analysis on Amcor

Amcor Trading Up 0.2 %

Shares of AMCR stock opened at $10.49 on Friday. Amcor plc has a 1 year low of $8.78 and a 1 year high of $11.48. The firm has a market capitalization of $15.16 billion, a PE ratio of 19.79, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85. The stock has a fifty day moving average of $10.85 and a two-hundred day moving average of $10.51. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.74 and a current ratio of 1.29.

Amcor (NYSE:AMCR – Get Free Report) last announced its earnings results on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.16. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the firm posted $0.16 EPS. Amcor’s revenue was down 2.6% compared to the same quarter last year. As a group, research analysts expect that Amcor plc will post 0.74 EPS for the current year.

Amcor Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st will be given a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a yield of 4.86%. This is an increase from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, November 21st. Amcor’s dividend payout ratio is 96.23%.

Amcor Company Profile

(Free Report)

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.

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