Lyrical Asset Management LP Invests $1.35 Million in Amcor PLC (NYSE:AMCR)

Key Points

• Lyrical Asset Management LP has acquired 139,100 shares of Amcor PLC valued at approximately $1.35 million, marking a new position for this institutional investor.
• Vanguard Group Inc. has increased its holdings in Amcor by 15.5% during the first quarter, while other notable investors have significantly boosted their positions as well.
• Amcor's stock has received multiple buy ratings from analysts, with a consensus target price of $11.58, reflecting positive market sentiment towards the company.

Lyrical Asset Management LP purchased a new position in Amcor PLC (NYSE:AMCR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 139,100 shares of the company's stock, valued at approximately $1,349,000.

A number of other hedge funds have also recently made changes to their positions in the business. CX Institutional purchased a new position in Amcor during the 1st quarter valued at $111,000. SG Americas Securities LLC increased its position in Amcor by 174.3% during the 1st quarter. SG Americas Securities LLC now owns 149,983 shares of the company's stock valued at $1,455,000 after purchasing an additional 95,314 shares during the period. OneDigital Investment Advisors LLC purchased a new position in Amcor during the 1st quarter valued at $121,000. Wealth Enhancement Advisory Services LLC increased its position in Amcor by 16.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 1,256,497 shares of the company's stock valued at $12,188,000 after purchasing an additional 175,731 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its position in Amcor by 5.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 82,025 shares of the company's stock valued at $796,000 after purchasing an additional 4,591 shares during the period. 45.14% of the stock is currently owned by institutional investors.

Amcor Stock Performance

Shares of AMCR traded down $0.03 on Friday, reaching $8.73. The company's stock had a trading volume of 65,218,352 shares, compared to its average volume of 24,568,416. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.67 and a quick ratio of 1.16. The stock has a market capitalization of $12.62 billion, a P/E ratio of 24.25, a PEG ratio of 1.12 and a beta of 0.74. The stock's 50 day simple moving average is $9.42 and its two-hundred day simple moving average is $9.51. Amcor PLC has a 12-month low of $8.37 and a 12-month high of $11.48.

Amcor (NYSE:AMCR - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.21 by ($0.01). The business had revenue of $5.08 billion during the quarter, compared to analysts' expectations of $5.18 billion. Amcor had a return on equity of 19.43% and a net margin of 3.40%. The business's quarterly revenue was up 43.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.21 EPS. Research analysts forecast that Amcor PLC will post 0.74 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.1275 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.51 annualized dividend and a yield of 5.8%. Amcor's payout ratio is currently 141.67%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Robert W. Baird reduced their price objective on shares of Amcor from $11.00 to $10.00 and set a "neutral" rating on the stock in a research report on Friday. UBS Group raised shares of Amcor from a "neutral" rating to a "buy" rating in a research report on Thursday, June 26th. Raymond James Financial initiated coverage on shares of Amcor in a research report on Tuesday, April 22nd. They set a "market perform" rating on the stock. Truist Financial set a $11.00 price target on shares of Amcor and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, Jefferies Financial Group initiated coverage on shares of Amcor in a report on Wednesday, July 2nd. They set a "buy" rating and a $12.00 price target on the stock. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, Amcor currently has an average rating of "Moderate Buy" and a consensus price target of $11.42.

Amcor Company 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.