Amcor PLC (NYSE:AMCR) Shares Purchased by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Amcor PLC by 8.2%, owning approximately 3.45% of the company, which is valued at $483,367,000.
• Several hedge funds, including Norges Bank and Wells Fargo, have also made significant adjustments to their holdings in Amcor, with 45.14% of the stock currently owned by institutional investors.
• Analysts have shown increased confidence in Amcor, with eight buy ratings and a revised average price target of $11.51, indicating strong market sentiment towards the stock.

Charles Schwab Investment Management Inc. raised its stake in Amcor PLC (NYSE:AMCR - Free Report) by 8.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 49,831,643 shares of the company's stock after purchasing an additional 3,778,714 shares during the quarter. Charles Schwab Investment Management Inc. owned about 3.45% of Amcor worth $483,367,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of AMCR. Norges Bank purchased a new position in shares of Amcor during the 4th quarter valued at approximately $6,223,000. Wells Fargo & Company MN lifted its stake in Amcor by 26.0% in the fourth quarter. Wells Fargo & Company MN now owns 3,657,298 shares of the company's stock valued at $34,415,000 after buying an additional 755,189 shares during the last quarter. Invesco Ltd. boosted its stake in Amcor by 16.0% during the 4th 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 period. Bank of Nova Scotia boosted its position in shares of Amcor by 117.0% during the fourth quarter. Bank of Nova Scotia now owns 466,052 shares of the company's stock worth $4,386,000 after buying an additional 251,235 shares during the period. Finally, APG Asset Management N.V. grew its stake in shares of Amcor by 4.2% in the fourth quarter. APG Asset Management N.V. now owns 1,119,870 shares of the company's stock worth $10,177,000 after purchasing an additional 44,900 shares in the last quarter. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Amcor Trading Up 2.4%

NYSE:AMCR opened at $9.64 on Friday. The company's 50 day moving average is $9.38 and its 200-day moving average is $9.53. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 2.24. Amcor PLC has a 12 month low of $8.37 and a 12 month high of $11.48. The firm has a market cap of $13.93 billion, a price-to-earnings ratio of 17.21, a P/E/G ratio of 1.21 and a beta of 0.74.

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.

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