Goldman Sachs Group Inc. Raises Stake in Amcor PLC $AMCR

Key Points

• Goldman Sachs increased its Amcor stake by 12.6% in the fourth quarter, buying more than 1.6 million shares and bringing its total holdings to 14.3 million shares valued at about $119.5 million.
• Amcor reported earnings in line with expectations for the latest quarter, posting $0.96 EPS on $5.91 billion in revenue, with revenue up 77.4% year over year.
• The company declared a quarterly dividend of $0.65 per share, implying an annualized payout of $2.60 and a yield of 6.9%, though the payout ratio remains elevated at 181.82%.

Goldman Sachs Group Inc. raised its holdings in Amcor PLC (NYSE:AMCR - Free Report) by 12.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,328,439 shares of the company's stock after purchasing an additional 1,603,673 shares during the quarter. Goldman Sachs Group Inc. owned about 3.10% of Amcor worth $119,499,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brown Lisle Cummings Inc. lifted its position in Amcor by 137.9% during the 4th quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company's stock worth $29,000 after acquiring an additional 2,000 shares during the period. Larson Financial Group LLC lifted its holdings in shares of Amcor by 46.1% during the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company's stock worth $33,000 after purchasing an additional 1,257 shares during the period. N.E.W. Advisory Services LLC grew its position in Amcor by 10.1% in the 4th quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company's stock valued at $34,000 after buying an additional 373 shares during the last quarter. CYBER HORNET ETFs LLC acquired a new position in Amcor in the 2nd quarter valued at $36,000. Finally, Huntington National Bank raised its position in Amcor by 81.8% during the 3rd quarter. Huntington National Bank now owns 4,490 shares of the company's stock worth $37,000 after buying an additional 2,020 shares during the last quarter. Hedge funds and other institutional investors own 45.14% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on AMCR shares. JPMorgan Chase & Co. dropped their price target on shares of Amcor from $50.00 to $44.00 and set an "overweight" rating on the stock in a research note on Thursday, May 7th. Weiss Ratings upgraded Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Deutsche Bank Aktiengesellschaft assumed coverage on Amcor in a report on Wednesday, April 1st. They issued a "buy" rating and a $50.00 price target for the company. Wells Fargo & Company set a $41.00 price objective on Amcor and gave the stock an "equal weight" rating in a research report on Wednesday, May 20th. Finally, Citigroup decreased their target price on shares of Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Amcor currently has an average rating of "Moderate Buy" and an average price target of $49.33.

Amcor Stock Down 0.8%

Amcor stock opened at $37.83 on Tuesday. Amcor PLC has a fifty-two week low of $36.25 and a fifty-two week high of $50.94. The firm has a market capitalization of $17.49 billion, a price-to-earnings ratio of 26.45, a price-to-earnings-growth ratio of 1.15 and a beta of 0.64. The stock's fifty day moving average is $39.29 and its two-hundred day moving average is $42.09. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44.

Amcor (NYSE:AMCR - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting analysts' consensus estimates of $0.96. The business had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.71 billion. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The company's quarterly revenue was up 77.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 earnings per share. Analysts predict that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date of this dividend is Thursday, May 28th. Amcor's dividend payout ratio is currently 181.82%.

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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