California State Teachers Retirement System Purchases New Shares in Amcor PLC $AMCR

California State Teachers Retirement System bought a new position in shares of Amcor PLC (NYSE:AMCR - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 36,686,845 shares of the company's stock, valued at approximately $1,590,375,000. California State Teachers Retirement System owned approximately 7.93% of Amcor as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. grew its position in Amcor by 55.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,307,985 shares of the company's stock worth $10,909,000 after acquiring an additional 467,065 shares during the period. Norges Bank purchased a new position in shares of Amcor during the 4th quarter worth $308,724,000. Goldman Sachs Group Inc. increased its position in shares of Amcor by 12.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 14,328,439 shares of the company's stock worth $119,499,000 after purchasing an additional 1,603,673 shares during the last quarter. Citizens National Bank Trust Department purchased a new stake in Amcor in the 1st quarter valued at about $1,251,000. Finally, Weiss Asset Management LP acquired a new position in Amcor in the first quarter valued at about $8,388,000. 45.14% of the stock is owned by institutional investors and hedge funds.

Amcor Price Performance

Amcor stock opened at $42.35 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.25 and a debt-to-equity ratio of 1.17. The firm's 50-day simple moving average is $45.35 and its 200 day simple moving average is $42.40. Amcor PLC has a 52 week low of $36.25 and a 52 week high of $50.94. The firm has a market capitalization of $19.58 billion, a PE ratio of 17.95, a P/E/G ratio of 1.68 and a beta of 0.60.

Amcor (NYSE:AMCR - Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.19 by $0.04. Amcor had a return on equity of 15.92% and a net margin of 4.71%.The firm had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.05 billion. During the same quarter in the prior year, the company earned $0.20 EPS. Amcor's revenue was up 25.9% on a year-over-year basis. On average, equities research analysts predict that Amcor PLC will post 2.58 EPS for the current fiscal year.

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Friday, September 4th will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date is Friday, September 4th. Amcor's payout ratio is presently 110.17%.

Wall Street Analyst Weigh In

AMCR has been the subject of a number of research analyst reports. Citigroup reaffirmed a "buy" rating and set a $52.00 price objective (up from $47.00) on shares of Amcor in a research report on Friday, August 14th. Jefferies Financial Group set a $44.92 target price on Amcor and gave the stock a "hold" rating in a research note on Tuesday, July 21st. BMO Capital Markets started coverage on shares of Amcor in a research note on Thursday, July 16th. They issued a "market perform" rating and a $47.00 price target for the company. Weiss Ratings reissued a "hold (c)" rating on shares of Amcor in a research report on Friday, August 7th. Finally, Wells Fargo & Company increased their target price on Amcor from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Amcor presently has an average rating of "Moderate Buy" and an average price target of $49.49.

About Amcor

Amcor plc NYSE: AMCR is a global packaging company that develops and manufactures packaging products for the food, beverage, pharmaceutical, medical, personal care, household and other consumer and industrial markets. Its portfolio is designed to help protect products, extend shelf life, support transportation and improve convenience and sustainability.

The company produces flexible packaging, including films, pouches, bags, lidding and specialty laminates, as well as rigid packaging such as bottles, containers, closures and other molded products.

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