Norges Bank Makes New $308.72 Million Investment in Amcor PLC $AMCR

Key Points

• Norges Bank disclosed a new stake in Amcor PLC, buying about 37.0 million shares valued at roughly $308.7 million, which gives it an estimated 8.01% ownership of the company.
• Amcor shares were down 2.8% in Tuesday trading, with the stock near its 52-week low. The company’s market cap is about $17.44 billion.
• Amcor recently reported quarterly EPS of $0.96, matching expectations, and revenue of $5.91 billion versus estimates of $5.71 billion. The company also announced a quarterly dividend of $0.65 per share, implying a 6.9% yield.

Norges Bank purchased a new position in Amcor PLC (NYSE:AMCR - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 37,017,226 shares of the company's stock, valued at approximately $308,724,000. Norges Bank owned approximately 8.01% of Amcor as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. N.E.W. Advisory Services LLC grew its position in shares of Amcor by 10.1% during the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company's stock worth $34,000 after purchasing an additional 373 shares in the last quarter. CYBER HORNET ETFs LLC boosted its stake in Amcor by 11.1% during the fourth quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company's stock valued at $37,000 after buying an additional 447 shares during the last quarter. United Asset Strategies Inc. boosted its stake in Amcor by 1.6% during the fourth quarter. United Asset Strategies Inc. now owns 38,453 shares of the company's stock valued at $321,000 after buying an additional 597 shares during the last quarter. IFP Advisors Inc boosted its stake in Amcor by 12.7% during the fourth quarter. IFP Advisors Inc now owns 6,518 shares of the company's stock valued at $54,000 after buying an additional 733 shares during the last quarter. Finally, Shayne & Jacobs LLC boosted its stake in Amcor by 0.6% during the fourth quarter. Shayne & Jacobs LLC now owns 129,101 shares of the company's stock valued at $1,077,000 after buying an additional 755 shares during the last quarter. Hedge funds and other institutional investors own 45.14% of the company's stock.

Amcor Trading Down 2.8%

Shares of NYSE:AMCR opened at $37.72 on Tuesday. Amcor PLC has a 12-month low of $36.25 and a 12-month high of $50.94. The business's fifty day simple moving average is $39.43 and its 200-day simple moving average is $42.24. The company has a market capitalization of $17.44 billion, a PE ratio of 26.38, a P/E/G ratio of 1.17 and a beta of 0.63. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30.

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

Amcor Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts recently commented on AMCR shares. Citigroup dropped their price target on Amcor from $54.00 to $47.00 and set a "buy" rating for the company in a research note on Friday, May 8th. Truist Financial reaffirmed a "buy" rating and issued a $51.00 price objective (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Amcor in a research note on Wednesday, April 1st. They issued a "buy" rating and a $50.00 price objective for the company. Weiss Ratings raised Amcor from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Finally, Wells Fargo & Company set a $41.00 price objective on Amcor and gave the company an "equal weight" rating in a research note on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Amcor currently has a consensus rating of "Moderate Buy" and a consensus price target of $49.33.

About Amcor

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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