Mackenzie Financial Corp Increases Holdings in Amcor PLC (NYSE:AMCR)

Key Points

• Mackenzie Financial Corp significantly increased its stake in Amcor PLC (NYSE:AMCR) by 463.9% during the first quarter, owning a total of 103,952 shares worth approximately $1,008,000.
• Several institutional investors, including Rakuten Securities Inc. and CVA Family Office LLC, also made notable increases in their holdings during the same period, showcasing a growing interest in the company.
• Analysts have a generally positive outlook on Amcor, with eight analysts rating it as a buy and an average target price of $11.51, signaling potential upside in the stock's performance.

Mackenzie Financial Corp boosted its position in Amcor PLC (NYSE:AMCR - Free Report) by 463.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,952 shares of the company's stock after purchasing an additional 85,517 shares during the period. Mackenzie Financial Corp's holdings in Amcor were worth $1,008,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rakuten Securities Inc. raised its stake in shares of Amcor by 18,725.0% during the 1st quarter. Rakuten Securities Inc. now owns 3,012 shares of the company's stock worth $29,000 after buying an additional 2,996 shares during the last quarter. HM Payson & Co. purchased a new position in Amcor during the 1st quarter valued at about $30,000. CVA Family Office LLC raised its position in Amcor by 234.1% during the first quarter. CVA Family Office LLC now owns 3,254 shares of the company's stock worth $32,000 after acquiring an additional 2,280 shares during the last quarter. Quarry LP raised its position in Amcor by 2,064.5% during the fourth quarter. Quarry LP now owns 3,723 shares of the company's stock worth $35,000 after acquiring an additional 3,551 shares during the last quarter. Finally, Huntington National Bank lifted its holdings in shares of Amcor by 52.4% in the fourth quarter. Huntington National Bank now owns 4,426 shares of the company's stock valued at $42,000 after purchasing an additional 1,522 shares in the last quarter. 45.14% of the stock is owned by institutional investors and hedge funds.

Amcor Stock Down 0.3%

Shares of NYSE AMCR opened at $9.37 on Wednesday. The stock has a market capitalization of $13.54 billion, a PE ratio of 16.73, a P/E/G ratio of 1.20 and a beta of 0.74. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 2.24. The firm has a fifty day moving average of $9.36 and a 200-day moving average of $9.53. Amcor PLC has a 52-week low of $8.37 and a 52-week high of $11.48.

Wall Street Analyst Weigh In

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

Amcor 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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