M&T Bank Corp Acquires 81,133 Shares of Amcor PLC (NYSE:AMCR)

M&T Bank Corp raised its position in Amcor PLC (NYSE:AMCR - Free Report) by 37.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 296,485 shares of the company's stock after acquiring an additional 81,133 shares during the quarter. M&T Bank Corp's holdings in Amcor were worth $2,876,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of AMCR. Crossmark Global Holdings Inc. grew its holdings in shares of Amcor by 21.4% during the 1st quarter. Crossmark Global Holdings Inc. now owns 150,196 shares of the company's stock valued at $1,457,000 after purchasing an additional 26,483 shares during the last quarter. TD Private Client Wealth LLC lifted its position in shares of Amcor by 16.6% in the 1st quarter. TD Private Client Wealth LLC now owns 136,319 shares of the company's stock worth $1,322,000 after purchasing an additional 19,374 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Amcor by 2.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 3,151,517 shares of the company's stock valued at $30,570,000 after acquiring an additional 88,028 shares during the period. Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of Amcor during the 1st quarter valued at $113,000. Finally, HM Payson & Co. acquired a new position in Amcor during the first quarter worth $30,000. Institutional investors and hedge funds own 45.14% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Raymond James Financial began coverage on shares of Amcor in a report on Tuesday, April 22nd. They issued a "market perform" rating on the stock. Wells Fargo & Company assumed coverage on shares of Amcor in a report on Thursday, June 26th. They issued an "overweight" rating and a $10.00 target price on the stock. Jefferies Financial Group started coverage on shares of Amcor in a report on Wednesday, July 2nd. They issued a "buy" rating and a $12.00 price target on the stock. Truist Financial set a $11.00 price objective on Amcor and gave the company a "buy" rating in a research report on Friday. Finally, UBS Group raised Amcor from a "neutral" rating to a "buy" rating in a research report on Thursday, June 26th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $11.37.

Amcor Price Performance

Shares of NYSE AMCR traded down $0.17 during midday trading on Tuesday, reaching $9.46. 17,932,054 shares of the company traded hands, compared to its average volume of 29,968,209. Amcor PLC has a 12 month low of $8.37 and a 12 month high of $11.48. The firm has a market cap of $13.67 billion, a PE ratio of 16.88, a PEG ratio of 1.22 and a beta of 0.73. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.16 and a current ratio of 1.70. The stock's 50-day simple moving average is $9.26 and its 200-day simple moving average is $9.53.

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

Amcor Announces Dividend

The business also recently declared 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 5.39%. The ex-dividend date was Thursday, May 22nd. Amcor's dividend payout ratio (DPR) is presently 91.07%.

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.