Appian Way Asset Management LP Purchases New Position in Amcor plc (NYSE:AMCR)

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

Other large investors also recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in shares of Amcor by 31.8% during the 3rd quarter. Barclays PLC now owns 4,544,118 shares of the company's stock worth $51,484,000 after buying an additional 1,096,664 shares during the last quarter. Virtu Financial LLC acquired a new stake in Amcor during the third quarter worth $372,000. Tidal Investments LLC raised its position in Amcor by 292.5% in the third quarter. Tidal Investments LLC now owns 81,439 shares of the company's stock valued at $923,000 after purchasing an additional 60,691 shares during the period. Franklin Resources Inc. raised its position in Amcor by 39.3% in the third quarter. Franklin Resources Inc. now owns 719,749 shares of the company's stock valued at $8,162,000 after purchasing an additional 203,166 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Amcor by 5.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,969,613 shares of the company's stock valued at $22,316,000 after purchasing an additional 105,457 shares during the last quarter. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Raymond James initiated coverage on Amcor in a research report on Tuesday, April 22nd. They set a "market perform" rating for the company. Truist Financial dropped their price target on shares of Amcor from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Citigroup upgraded shares of Amcor from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $11.00 to $12.00 in a report on Monday, January 6th. Finally, Jefferies Financial Group upgraded shares of Amcor from a "hold" rating to a "buy" rating in a report on Monday, February 3rd. 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $11.31.

Insider Buying and Selling at Amcor

In other Amcor news, Director Achal Agarwal acquired 10,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was acquired at an average cost of $10.10 per share, with a total value of $101,000.00. Following the transaction, the director now owns 88,967 shares in the company, valued at $898,566.70. The trade was a 12.66 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.60% of the company's stock.

Amcor Stock Up 2.8 %

AMCR stock traded up $0.25 during midday trading on Friday, hitting $9.33. The company's stock had a trading volume of 39,425,774 shares, compared to its average volume of 17,365,953. The firm has a 50-day simple moving average of $9.57 and a 200-day simple moving average of $9.90. The firm has a market capitalization of $13.49 billion, a P/E ratio of 16.96, a PEG ratio of 1.96 and a beta of 0.78. The company has a quick ratio of 0.71, a current ratio of 1.26 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 - Get Free Report) last released its earnings results 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 return on equity of 26.14% and a net margin of 5.89%. The firm had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.51 billion. During the same period last year, the business posted $0.13 earnings per share. Amcor's revenue was down 2.3% compared to the same quarter last year. As a group, equities analysts forecast that Amcor plc will post 0.74 EPS for the current year.

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Thursday, May 22nd will be issued a dividend of $0.1275 per share. This represents a $0.51 annualized dividend and a yield of 5.47%. The ex-dividend date is Thursday, May 22nd. Amcor's dividend payout ratio (DPR) is presently 91.07%.

Amcor Profile

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.