Bank of New York Mellon Corp Buys 2,747,846 Shares of Amcor PLC (NYSE:AMCR)

Bank of New York Mellon Corp raised its stake in Amcor PLC (NYSE:AMCR - Free Report) by 34.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,613,159 shares of the company's stock after acquiring an additional 2,747,846 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.73% of Amcor worth $102,948,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in AMCR. Rakuten Securities Inc. raised its holdings in Amcor by 18,725.0% in the 1st quarter. Rakuten Securities Inc. now owns 3,012 shares of the company's stock valued at $29,000 after buying an additional 2,996 shares during the last quarter. CVA Family Office LLC raised its holdings in Amcor by 234.1% in the 1st quarter. CVA Family Office LLC now owns 3,254 shares of the company's stock valued at $32,000 after buying an additional 2,280 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in Amcor by 247.4% in the 4th quarter. Jones Financial Companies Lllp now owns 3,735 shares of the company's stock valued at $35,000 after buying an additional 2,660 shares during the last quarter. Quarry LP raised its holdings in Amcor by 2,064.5% in the 4th quarter. Quarry LP now owns 3,723 shares of the company's stock valued at $35,000 after buying an additional 3,551 shares during the last quarter. Finally, Huntington National Bank raised its holdings in Amcor by 52.4% in the 4th quarter. Huntington National Bank now owns 4,426 shares of the company's stock valued at $42,000 after buying an additional 1,522 shares during the last quarter. Institutional investors own 45.14% of the company's stock.

Amcor Stock Down 1.6%

Shares of AMCR traded down $0.16 during trading hours on Friday, reaching $9.68. The stock had a trading volume of 6,058,500 shares, compared to its average volume of 30,154,789. Amcor PLC has a 12 month low of $8.37 and a 12 month high of $11.48. The firm has a 50-day simple moving average of $9.24 and a 200 day simple moving average of $9.52. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 2.24. The company has a market capitalization of $13.98 billion, a price-to-earnings ratio of 17.28, a P/E/G ratio of 2.37 and a beta of 0.73.

Amcor (NYSE:AMCR - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.18. Amcor had a return on equity of 26.49% and a net margin of 5.99%. The company had revenue of $3.33 billion for the quarter, compared to analysts' expectations of $3.51 billion. During the same period last year, the business earned $0.13 EPS. Amcor's quarterly revenue was down 2.3% compared to the same quarter last year. Equities research analysts predict that Amcor PLC will post 0.74 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Thursday, May 22nd were issued a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.27%. The ex-dividend date was Thursday, May 22nd. Amcor's dividend payout ratio is currently 91.07%.

Analysts Set New Price Targets

AMCR has been the subject of a number of research reports. UBS Group upgraded shares of Amcor from a "neutral" rating to a "buy" rating in a report on Thursday, June 26th. Truist Financial decreased their target price on shares of Amcor from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Friday. Jefferies Financial Group initiated coverage on shares of Amcor in a research report on Wednesday, July 2nd. They set a "buy" rating and a $12.00 price objective for the company. Wells Fargo & Company initiated coverage on shares of Amcor in a research report on Thursday, June 26th. They set an "overweight" rating and a $10.00 price objective for the company. Finally, Raymond James Financial initiated coverage on shares of Amcor in a research report on Tuesday, April 22nd. They set a "market perform" rating for the company. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Amcor currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.37.

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.