Bank of New York Mellon Corp Buys Shares of 2,088,961 Amcor PLC $AMCR

Bank of New York Mellon Corp purchased a new stake in shares of Amcor PLC (NYSE:AMCR - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,088,961 shares of the company's stock, valued at approximately $90,556,000. Bank of New York Mellon Corp owned approximately 0.45% of Amcor at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of AMCR. CYBER HORNET ETFs LLC raised its holdings in Amcor by 11.1% in the 4th quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company's stock worth $37,000 after purchasing an additional 447 shares during the period. FNY Investment Advisers LLC boosted its stake in Amcor by 16.1% during the 2nd quarter. FNY Investment Advisers LLC now owns 3,600 shares of the company's stock worth $156,000 after purchasing an additional 500 shares during the last quarter. FineMark National Bank & Trust grew its stake in Amcor by 0.6% during the 4th quarter. FineMark National Bank & Trust now owns 80,503 shares of the company's stock valued at $671,000 after acquiring an additional 503 shares in the last quarter. Bangor Savings Bank purchased a new stake in shares of Amcor in the second quarter valued at approximately $26,000. Finally, Fiduciary Financial Group LLC increased its stake in shares of Amcor by 8.4% in the 2nd 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 hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. BMO Capital Markets started coverage on Amcor in a research report on Thursday, July 16th. They set a "market perform" rating and a $47.00 price objective for the company. JPMorgan Chase & Co. restated a "neutral" rating and set a $47.00 target price (up from $44.00) on shares of Amcor in a research note on Monday, August 17th. Wells Fargo & Company lifted their price target on Amcor from $43.00 to $44.00 and gave the stock an "equal weight" rating in a report on Friday, August 14th. Weiss Ratings reiterated a "hold (c)" rating on shares of Amcor in a research note on Friday, August 7th. Finally, Citigroup reiterated a "buy" rating and set a $52.00 price target (up from $47.00) on shares of Amcor in a research note on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, Amcor currently has a consensus rating of "Moderate Buy" and a consensus price target of $49.49.

Amcor Stock Down 1.4%

Shares of AMCR opened at $47.92 on Tuesday. The company's fifty day moving average is $44.50 and its two-hundred day moving average is $42.73. The firm has a market cap of $22.16 billion, a PE ratio of 20.31, a price-to-earnings-growth ratio of 2.66 and a beta of 0.62. The company has a quick ratio of 0.76, a current ratio of 1.25 and a debt-to-equity ratio of 1.17. Amcor PLC has a fifty-two week low of $36.25 and a fifty-two week high of $50.94.

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

Amcor Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Friday, September 4th will be issued a $0.65 dividend. The ex-dividend date is Friday, September 4th. This represents a $2.60 annualized dividend and a dividend yield of 5.4%. Amcor's dividend payout ratio (DPR) is 110.17%.

Amcor 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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