Eliot Finkel Investment Counsel LLC Grows Stock Position in Amcor PLC (NYSE:AMCR)

Key Points

• Eliot Finkel Investment Counsel LLC increased its stake in Amcor PLC by 36.3% in Q1, holding 266,315 shares worth approximately $2.58 million.
• Amcor reported $0.18 earnings per share for the last quarter, matching analyst expectations, but its revenue of $3.33 billion fell short of the forecast.
• The stock has received favorable ratings from analysts, with an average rating of "Moderate Buy" and a consensus price target of $11.51.

Eliot Finkel Investment Counsel LLC boosted its holdings in shares of Amcor PLC (NYSE:AMCR - Free Report) by 36.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 266,315 shares of the company's stock after acquiring an additional 70,855 shares during the quarter. Amcor accounts for about 1.8% of Eliot Finkel Investment Counsel LLC's investment portfolio, making the stock its 25th largest holding. Eliot Finkel Investment Counsel LLC's holdings in Amcor were worth $2,583,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in AMCR. Sei Investments Co. increased its position in shares of Amcor by 9.3% during the fourth quarter. Sei Investments Co. now owns 145,325 shares of the company's stock valued at $1,368,000 after purchasing an additional 12,311 shares during the period. JPMorgan Chase & Co. boosted its stake in Amcor by 1.0% in the 4th quarter. JPMorgan Chase & Co. now owns 8,881,049 shares of the company's stock valued at $83,571,000 after buying an additional 86,456 shares in the last quarter. Norges Bank acquired a new stake in Amcor in the 4th quarter valued at $6,223,000. Geode Capital Management LLC boosted its stake in Amcor by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 36,856,793 shares of the company's stock valued at $345,952,000 after buying an additional 539,756 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Amcor in the 4th quarter valued at $217,000. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Amcor Trading Up 1.2%

Shares of Amcor stock traded up $0.11 on Monday, hitting $9.41. 17,246,465 shares of the company's stock traded hands, compared to its average volume of 20,594,184. The company has a fifty day moving average of $9.35 and a two-hundred day moving average of $9.53. Amcor PLC has a one year low of $8.37 and a one year high of $11.48. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.70 and a quick ratio of 1.16. The company has a market capitalization of $13.60 billion, a price-to-earnings ratio of 16.80, a price-to-earnings-growth ratio of 1.19 and a beta of 0.74.

Analysts Set New Price Targets

Several brokerages recently commented on AMCR. Raymond James Financial assumed coverage on Amcor in a research note on Tuesday, April 22nd. They issued a "market perform" rating on the stock. Wells Fargo & Company boosted their price objective on Amcor from $10.00 to $11.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. UBS Group raised Amcor from a "neutral" rating to a "buy" rating in a research note on Thursday, June 26th. Truist Financial set a $11.00 price objective on Amcor and gave the stock a "buy" rating in a research note on Friday, July 11th. Finally, Jefferies Financial Group assumed coverage on Amcor in a research note on Wednesday, July 2nd. They issued a "buy" rating and a $12.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Amcor has an average rating of "Moderate Buy" and a consensus price target of $11.51.

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.