Castle Rock Wealth Management LLC Buys New Holdings in Amcor PLC $AMCR

Key Points

• Castle Rock Wealth Management purchased 33,964 Amcor shares during the third quarter, valued at approximately $1.42 million. Institutional investors currently own 45.14% of the company.
• Analysts maintain a generally positive outlook, with Amcor receiving a consensus rating of “Moderate Buy” and an average price target of $49.49.
• Amcor exceeded quarterly earnings and revenue expectations, reporting $1.23 in EPS and $6.40 billion in revenue. The company also announced a quarterly dividend of $0.65 per share, representing a 6.2% annualized yield.

Castle Rock Wealth Management LLC bought a new position in shares of Amcor PLC (NYSE:AMCR - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 33,964 shares of the company's stock, valued at approximately $1,419,000.

Several other institutional investors and hedge funds have also modified their holdings of AMCR. Alps Advisors Inc. increased its holdings in shares of Amcor by 2.9% during the fourth quarter. Alps Advisors Inc. now owns 3,048,031 shares of the company's stock worth $25,421,000 after buying an additional 85,083 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Amcor in the 2nd quarter valued at about $90,556,000. Fidelity National Financial Inc. acquired a new position in Amcor in the fourth quarter valued at approximately $14,812,000. Rockefeller Capital Management L.P. lifted its position in shares of Amcor by 55.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,307,985 shares of the company's stock valued at $10,909,000 after acquiring an additional 467,065 shares during the period. Finally, Rubric Capital Management LP acquired a new position in shares of Amcor during the first quarter valued at about $50,458,000. 45.14% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on AMCR shares. Truist Financial set a $51.00 price target on shares of Amcor in a research report on Tuesday, August 18th. Citigroup reaffirmed a "buy" rating and issued a $52.00 target price (up from $47.00) on shares of Amcor in a report on Friday, August 14th. 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 target for the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Amcor in a research report on Friday, August 7th. Finally, Bank of America boosted their target price on Amcor from $48.00 to $51.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and six have issued a Hold rating to the company's 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 Trading Down 0.4%

AMCR traded down $0.15 on Friday, hitting $41.73. 2,716,437 shares of the company were exchanged, compared to its average volume of 4,616,975. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.76 and a current ratio of 1.25. Amcor PLC has a 12 month low of $36.25 and a 12 month high of $50.94. The firm has a fifty day simple moving average of $44.68 and a two-hundred day simple moving average of $42.14. The stock has a market capitalization of $19.29 billion, a PE ratio of 17.68, a price-to-earnings-growth ratio of 2.56 and a beta of 0.58.

Amcor (NYSE:AMCR - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.04. Amcor had a net margin of 4.71% and a return on equity of 15.92%. The business had revenue of $6.40 billion during the quarter, compared to analysts' expectations of $6.05 billion. During the same quarter in the prior year, the company posted $0.20 EPS. The firm's revenue for the quarter was up 25.9% compared to the same quarter last year. Sell-side analysts expect that Amcor PLC will post 1.84 earnings per share for the current year.

Amcor Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 24th. Shareholders of record on Friday, September 4th were issued a dividend of $0.65 per share. The ex-dividend date was Friday, September 4th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.2%. Amcor's dividend payout ratio is 110.17%.

Amcor Profile

Amcor plc NYSE: AMCR is a global packaging company that develops and produces packaging for food, beverages, pharmaceutical and medical products, personal care items, household goods and other consumer and industrial applications. Its portfolio includes flexible packaging, rigid containers, films, laminates, bags, bottles, closures, cartons and specialty packaging solutions.

The company works with brand owners and manufacturers to design packaging that supports product protection, shelf life, convenience and presentation.

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