Ancora Advisors LLC Makes New $39.47 Million Investment in Amcor PLC $AMCR

Key Points

• Ancora Advisors initiated a $39.47 million position in Amcor during the second quarter, buying 910,503 shares and acquiring approximately 0.20% of the company. Institutional investors now own 45.14% of Amcor’s outstanding stock.
• Analysts maintain a generally positive outlook, with Amcor receiving a consensus “Moderate Buy” rating and an average price target of $49.49; recent targets range from $44 to $56.
• Amcor exceeded quarterly earnings and revenue expectations, reporting $1.23 in EPS and $6.40 billion in revenue, while announcing a quarterly dividend of $0.65 per share, equivalent to a 5.5% annualized yield.

Ancora Advisors LLC purchased a new stake in Amcor PLC (NYSE:AMCR - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 910,503 shares of the company's stock, valued at approximately $39,470,000. Amcor comprises 0.8% of Ancora Advisors LLC's investment portfolio, making the stock its 27th biggest holding. Ancora Advisors LLC owned about 0.20% of Amcor as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Foster & Motley Inc. bought a new stake in Amcor during the 2nd quarter valued at approximately $369,000. Commerzbank Aktiengesellschaft FI acquired a new position in shares of Amcor during the second quarter worth approximately $3,126,000. Bank of New York Mellon Corp bought a new stake in shares of Amcor in the second quarter valued at approximately $90,556,000. Investors Research Corp boosted its position in shares of Amcor by 32,298.9% in the second quarter. Investors Research Corp now owns 28,187 shares of the company's stock valued at $1,222,000 after acquiring an additional 28,100 shares during the period. Finally, Fiduciary Financial Group LLC grew its stake in shares of Amcor by 8.4% in the second quarter. Fiduciary Financial Group LLC now owns 7,863 shares of the company's stock worth $341,000 after acquiring an additional 612 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on AMCR. Truist Financial set a $51.00 price target on shares of Amcor in a report on Tuesday, August 18th. UBS Group began coverage on shares of Amcor in a report on Tuesday, August 11th. They set a "buy" rating and a $56.00 price objective on the stock. BMO Capital Markets began coverage on shares of Amcor in a research report on Thursday, July 16th. They set a "market perform" rating and a $47.00 price objective for the company. Wells Fargo & Company increased their target price on shares of Amcor from $43.00 to $44.00 and gave the company an "equal weight" rating in a research note on Friday, August 14th. Finally, Bank of America increased their target price on shares of Amcor from $48.00 to $51.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, Amcor presently has an average rating of "Moderate Buy" and a consensus price target of $49.49.

Amcor Stock Down 1.3%

Shares of AMCR stock opened at $47.30 on Wednesday. The stock has a market cap of $21.87 billion, a P/E ratio of 20.04, a price-to-earnings-growth ratio of 2.62 and a beta of 0.62. Amcor PLC has a one year low of $36.25 and a one year high of $50.94. The stock has a fifty day moving average price of $44.62 and a 200 day moving average price of $42.72. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.25 and a quick ratio of 0.76.

Amcor (NYSE:AMCR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 12th. The company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.04. The firm had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.05 billion. Amcor had a net margin of 4.71% and a return on equity of 15.92%. The business's revenue was up 25.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.20 earnings per share. Analysts predict that Amcor PLC will post 1.84 earnings per share for the current year.

Amcor Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Friday, September 4th will be paid a $0.65 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $2.60 dividend on an annualized basis and a yield of 5.5%. Amcor's payout ratio is presently 110.17%.

Amcor Company Profile

Amcor NYSE: AMCR is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company's product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor's packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.

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