Concurrent Investment Advisors LLC Boosts Holdings in Amcor PLC $AMCR

Key Points

• Concurrent Investment Advisors LLC increased its Amcor position by 219.4% in the second quarter, ending with 64,241 shares valued at approximately $2.785 million. Institutional investors collectively own 45.14% of Amcor.
• Analysts maintain a generally positive outlook, with Amcor receiving a consensus “Moderate Buy” rating 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, while announcing a quarterly dividend of $0.65 per share, equivalent to a 5.9% annualized yield.

Concurrent Investment Advisors LLC raised its position in Amcor PLC (NYSE:AMCR - Free Report) by 219.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,241 shares of the company's stock after acquiring an additional 44,125 shares during the period. Concurrent Investment Advisors LLC's holdings in Amcor were worth $2,785,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Amcor by 8.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company's stock worth $2,596,000 after buying an additional 20,757 shares during the last quarter. Focus Partners Wealth raised its stake in Amcor by 11.3% in the first quarter. Focus Partners Wealth now owns 43,137 shares of the company's stock valued at $418,000 after buying an additional 4,396 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Amcor in the second quarter worth about $138,000. Arrowstreet Capital Limited Partnership acquired a new stake in Amcor in the second quarter worth about $6,426,000. Finally, CW Advisors LLC purchased a new stake in shares of Amcor during the second quarter worth about $228,000. 45.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on AMCR shares. UBS Group initiated coverage on shares of Amcor in a report on Tuesday, August 11th. They set a "buy" rating and a $56.00 price objective on the stock. Citigroup reiterated a "buy" rating and issued a $52.00 target price (up from $47.00) on shares of Amcor in a research note on Friday, August 14th. Weiss Ratings reissued a "hold (c)" rating on shares of Amcor in a research report on Friday, August 7th. Bank of America upped their price target on shares of Amcor from $48.00 to $51.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Finally, Jefferies Financial Group set a $44.92 price target on shares of Amcor and gave the stock a "hold" rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $49.49.

Amcor Trading Down 1.8%

NYSE AMCR opened at $44.34 on Wednesday. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.25 and a quick ratio of 0.76. The company has a market capitalization of $20.50 billion, a PE ratio of 18.79, a P/E/G ratio of 2.47 and a beta of 0.60. The company has a fifty day moving average of $45.45 and a 200 day moving average of $42.50.

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, topping the consensus estimate of $1.19 by $0.04. The company 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 firm's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period last year, the firm earned $0.20 EPS. Research analysts forecast that Amcor PLC will post 1.84 earnings per share for the current year.

Amcor Dividend Announcement

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 dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend is Friday, September 4th. Amcor's dividend payout ratio (DPR) is 110.17%.

Amcor Company 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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