Convergence Investment Partners LLC Has $1.28 Million Stake in Amcor PLC (NYSE:AMCR)

Convergence Investment Partners LLC lifted its position in shares of Amcor PLC (NYSE:AMCR - Free Report) by 41.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 132,297 shares of the company's stock after acquiring an additional 38,928 shares during the quarter. Convergence Investment Partners LLC's holdings in Amcor were worth $1,283,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. KLP Kapitalforvaltning AS grew its stake in shares of Amcor by 1.8% during the first quarter. KLP Kapitalforvaltning AS now owns 530,392 shares of the company's stock worth $5,145,000 after purchasing an additional 9,400 shares during the period. Hartford Funds Management Co LLC grew its stake in shares of Amcor by 2.9% during the first quarter. Hartford Funds Management Co LLC now owns 66,387 shares of the company's stock worth $644,000 after purchasing an additional 1,867 shares during the period. Allianz Asset Management GmbH grew its stake in shares of Amcor by 20.7% during the first quarter. Allianz Asset Management GmbH now owns 101,985 shares of the company's stock worth $989,000 after purchasing an additional 17,505 shares during the period. Wealth Alliance LLC grew its stake in shares of Amcor by 4.7% during the first quarter. Wealth Alliance LLC now owns 45,185 shares of the company's stock worth $438,000 after purchasing an additional 2,026 shares during the period. Finally, Teachers Retirement System of The State of Kentucky grew its stake in shares of Amcor by 4.4% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 111,785 shares of the company's stock worth $1,084,000 after purchasing an additional 4,684 shares during the period. Institutional investors own 45.14% of the company's stock.

Amcor Stock Performance

NYSE:AMCR traded down $0.02 on Friday, hitting $9.75. The company's stock had a trading volume of 14,899,449 shares, compared to its average volume of 19,417,992. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 2.24. The stock has a fifty day moving average of $9.32 and a two-hundred day moving average of $9.54. The firm has a market capitalization of $14.08 billion, a P/E ratio of 17.40, a price-to-earnings-growth ratio of 1.25 and a beta of 0.73. Amcor PLC has a one year low of $8.37 and a one year high of $11.48.

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

Amcor Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Thursday, May 22nd were given a $0.1275 dividend. This represents a $0.51 annualized dividend and a dividend yield of 5.23%. The ex-dividend date was Thursday, May 22nd. Amcor's payout ratio is 91.07%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. UBS Group raised Amcor from a "neutral" rating to a "buy" rating in a research note on Thursday, June 26th. Truist Financial set a $11.00 target price on Amcor and gave the company a "buy" rating in a research note on Friday, July 11th. Raymond James Financial started coverage on Amcor in a research note on Tuesday, April 22nd. They issued a "market perform" rating for the company. Jefferies Financial Group started coverage on Amcor in a research report on Wednesday, July 2nd. They set a "buy" rating and a $12.00 price objective for the company. Finally, Wells Fargo & Company upped their price objective on Amcor from $10.00 to $11.00 and gave the stock an "overweight" rating in a research report on Friday, July 18th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $11.51.

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.