Appian Way Asset Management LP Invests $17 Million in Amcor plc (NYSE:AMCR)

Appian Way Asset Management LP acquired a new stake in shares of Amcor plc (NYSE:AMCR - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,806,098 shares of the company's stock, valued at approximately $16,995,000. Amcor comprises about 3.5% of Appian Way Asset Management LP's investment portfolio, making the stock its 8th largest position. Appian Way Asset Management LP owned 0.12% of Amcor at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Amcor by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 58,986,593 shares of the company's stock valued at $555,064,000 after buying an additional 1,249,868 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Amcor by 6.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 46,052,929 shares of the company's stock worth $433,358,000 after purchasing an additional 2,862,471 shares during the last quarter. Geode Capital Management LLC boosted its position in Amcor by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 36,856,793 shares of the company's stock worth $345,952,000 after purchasing an additional 539,756 shares during the period. Invesco Ltd. grew its holdings in Amcor by 16.0% during the fourth quarter. Invesco Ltd. now owns 30,425,121 shares of the company's stock valued at $286,300,000 after purchasing an additional 4,199,209 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Amcor by 25.1% in the fourth quarter. Wellington Management Group LLP now owns 27,971,885 shares of the company's stock valued at $263,215,000 after purchasing an additional 5,614,233 shares during the period. Hedge funds and other institutional investors own 45.14% of the company's stock.

Amcor Trading Down 1.1 %

AMCR traded down $0.11 during midday trading on Tuesday, reaching $9.21. 14,106,678 shares of the company were exchanged, compared to its average volume of 17,445,016. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.71 and a current ratio of 1.26. The stock has a market capitalization of $13.30 billion, a P/E ratio of 16.74, a PEG ratio of 1.96 and a beta of 0.78. The stock's 50-day simple moving average is $9.56 and its 200 day simple moving average is $9.88. Amcor plc has a one year low of $8.37 and a one year high of $11.48.

Amcor (NYSE:AMCR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.18. Amcor had a net margin of 5.89% and a return on equity of 26.14%. The firm had revenue of $3.33 billion during the quarter, compared to analysts' expectations of $3.51 billion. During the same quarter in the previous year, the company earned $0.13 earnings per share. The business's revenue for the quarter was down 2.3% on a year-over-year basis. As a group, analysts forecast that Amcor plc will post 0.74 earnings per share for the current fiscal year.

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Thursday, May 22nd will be given a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.54%. The ex-dividend date of this dividend is Thursday, May 22nd. Amcor's dividend payout ratio is currently 91.07%.

Insider Buying and Selling

In other Amcor news, Director Achal Agarwal purchased 10,000 shares of the company's stock in a transaction dated Thursday, February 27th. The shares were bought at an average price of $10.10 per share, with a total value of $101,000.00. Following the completion of the transaction, the director now directly owns 88,967 shares in the company, valued at $898,566.70. This trade represents a 12.66 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on AMCR shares. Raymond James initiated coverage on shares of Amcor in a research note on Tuesday, April 22nd. They issued a "market perform" rating on the stock. Jefferies Financial Group upgraded Amcor from a "hold" rating to a "buy" rating in a report on Monday, February 3rd. Truist Financial cut their target price on shares of Amcor from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, Citigroup upgraded shares of Amcor from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $11.00 to $12.00 in a report on Monday, January 6th. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $11.31.

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.