Bryce Point Capital LLC Invests $1.03 Million in Amcor PLC (NYSE:AMCR)

Key Points

• Bryce Point Capital LLC has made a new investment in Amcor PLC worth approximately $1.03 million, acquiring 103,766 shares, which now represents about 0.8% of its investment portfolio.
• Wells Fargo & Company recently raised their target price on Amcor from $10.00 to $11.00, giving the company an "overweight" rating, while Jefferies Financial Group has initiated coverage with a "buy" rating and a $12.00 target price.
• Amcor has declared a quarterly dividend of $0.1275, which results in an annualized dividend of $0.51 and yields approximately 5.23%.

Bryce Point Capital LLC acquired a new position in shares of Amcor PLC (NYSE:AMCR - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 103,766 shares of the company's stock, valued at approximately $1,027,000. Amcor makes up 0.8% of Bryce Point Capital LLC's investment portfolio, making the stock its 4th largest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in AMCR. Teacher Retirement System of Texas acquired a new stake in shares of Amcor during the 4th quarter worth $127,000. Sei Investments Co. boosted its stake in Amcor by 9.3% in the fourth quarter. Sei Investments Co. now owns 145,325 shares of the company's stock valued at $1,368,000 after buying an additional 12,311 shares in the last quarter. Vanguard Group Inc. boosted its stake in Amcor by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 58,986,593 shares of the company's stock valued at $555,064,000 after buying an additional 1,249,868 shares in the last quarter. Korea Investment CORP boosted its stake in Amcor by 51.9% in the fourth quarter. Korea Investment CORP now owns 1,069,675 shares of the company's stock valued at $10,066,000 after buying an additional 365,273 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Amcor by 10.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,894,364 shares of the company's stock valued at $27,004,000 after buying an additional 278,719 shares in the last quarter. Institutional investors own 45.14% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. 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. Truist Financial set a $11.00 price objective on Amcor and gave the company a "buy" rating in a research note on Friday, July 11th. UBS Group raised Amcor from a "neutral" rating to a "buy" rating in a research note on Thursday, June 26th. Wells Fargo & Company lifted their price target on Amcor from $10.00 to $11.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Finally, Raymond James Financial initiated coverage on Amcor in a research note on Tuesday, April 22nd. They set a "market perform" rating 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, the company currently has a consensus rating of "Moderate Buy" and an average target price of $11.51.

Amcor Stock Down 1.5%

Shares of AMCR stock traded down $0.15 during mid-day trading on Thursday, hitting $9.39. The company's stock had a trading volume of 14,041,454 shares, compared to its average volume of 29,017,709. Amcor PLC has a 52-week low of $8.37 and a 52-week high of $11.48. The business has a 50-day moving average price of $9.34 and a 200 day moving average price of $9.54. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.16 and a current ratio of 1.70. The stock has a market cap of $13.56 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 1.23 and a beta of 0.73.

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

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.