iA Global Asset Management Inc. Purchases New Shares in Amcor PLC (NYSE:AMCR)

Key Points

• iA Global Asset Management Inc. has purchased 54,816 shares of Amcor PLC, valued at approximately $532,000, as per its recent 13F filing with the SEC.
• Several hedge funds, including UMB Bank and AlphaStar Capital Management, have increased their holdings in Amcor, indicating strong institutional interest in the company.
• Wall Street analysts have a generally positive outlook on Amcor, with the average price target set at $11.51 and eight analysts rating it as a "buy."

iA Global Asset Management Inc. purchased a new stake in shares of Amcor PLC (NYSE:AMCR - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 54,816 shares of the company's stock, valued at approximately $532,000.

Several other hedge funds also recently made changes to their positions in the company. UMB Bank n.a. boosted its holdings in Amcor by 20.0% in the first quarter. UMB Bank n.a. now owns 6,386 shares of the company's stock worth $62,000 after acquiring an additional 1,066 shares in the last quarter. AlphaStar Capital Management LLC boosted its holdings in Amcor by 2.4% in the first quarter. AlphaStar Capital Management LLC now owns 50,472 shares of the company's stock worth $490,000 after acquiring an additional 1,185 shares in the last quarter. Koshinski Asset Management Inc. boosted its holdings in Amcor by 10.1% in the first quarter. Koshinski Asset Management Inc. now owns 13,659 shares of the company's stock worth $132,000 after acquiring an additional 1,252 shares in the last quarter. Virtue Capital Management LLC lifted its holdings in shares of Amcor by 2.8% during the fourth quarter. Virtue Capital Management LLC now owns 45,924 shares of the company's stock valued at $432,000 after purchasing an additional 1,259 shares in the last quarter. Finally, Utah Retirement Systems lifted its holdings in shares of Amcor by 1.1% during the fourth quarter. Utah Retirement Systems now owns 120,076 shares of the company's stock valued at $1,130,000 after purchasing an additional 1,300 shares in the last quarter. 45.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Amcor Stock Up 2.4%

Amcor stock opened at $9.64 on Friday. The stock has a market cap of $13.93 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 1.21 and a beta of 0.74. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.16 and a current ratio of 1.70. Amcor PLC has a one year low of $8.37 and a one year high of $11.48. The stock has a fifty day moving average of $9.38 and a 200 day moving average of $9.53.

Amcor Company Profile

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.

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