Envestnet Portfolio Solutions Inc. Raises Stake in Amcor PLC $AMCR

Key Points

• Envestnet Portfolio Solutions increased its Amcor stake by 8.1% in the second quarter, bringing its holdings to 409,627 shares valued at approximately $18.1 million. Institutional investors and hedge funds collectively own 45.14% of the company.
• Amcor reported quarterly EPS of $1.23, exceeding estimates of $1.19, while revenue rose 25.9% year over year to $6.40 billion. The company declared a quarterly dividend of $0.65 per share, equivalent to a 6.1% annualized yield.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $49.49, versus a recent price of $42.76.

Envestnet Portfolio Solutions Inc. lifted its stake in shares of Amcor PLC (NYSE:AMCR - Free Report) by 8.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 409,627 shares of the company's stock after purchasing an additional 30,657 shares during the quarter. Envestnet Portfolio Solutions Inc. owned about 0.09% of Amcor worth $18,061,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital International Investors purchased a new stake in shares of Amcor in the fourth quarter valued at $354,227,000. Norges Bank purchased a new stake in Amcor during the 4th quarter worth about $308,724,000. Capital International Inc. CA purchased a new stake in Amcor during the 4th quarter worth about $29,106,000. Bank of New York Mellon Corp acquired a new position in Amcor in the 2nd quarter valued at about $90,556,000. Finally, Fidelity National Financial Inc. acquired a new position in Amcor in the 4th quarter valued at about $14,812,000. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Amcor Trading Down 1.1%

AMCR opened at $42.76 on Thursday. The firm has a market capitalization of $19.77 billion, a P/E ratio of 18.12, a P/E/G ratio of 2.36 and a beta of 0.60. The firm's 50 day moving average is $45.22 and its 200-day moving average is $42.05. Amcor PLC has a 52-week low of $36.25 and a 52-week high of $50.94. The company has a quick ratio of 0.76, a current ratio of 1.25 and a debt-to-equity ratio of 1.17.

Amcor (NYSE:AMCR - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $1.23 earnings per share (EPS) for the quarter, topping 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 business had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.05 billion. During the same period in the previous year, the company earned $0.20 earnings per share. The company's revenue for the quarter was up 25.9% compared to the same quarter last year. Analysts expect that Amcor PLC will post 1.84 EPS for the current fiscal year.

Amcor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date of this dividend is Friday, September 4th. Amcor's dividend payout ratio (DPR) is currently 110.17%.

Analysts Set New Price Targets

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

Amcor Profile

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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