Oppenheimer Asset Management Inc. Has $1.60 Million Stock Holdings in Amcor PLC $AMCR

Key Points

• Oppenheimer Asset Management cut its Amcor stake by 78.4% in Q4, selling 697,323 shares and finishing with 191,907 shares valued at $1.601 million per its latest 13F filing.
• Amcor beat Q4 EPS estimates with $0.86 versus $0.83 and reported revenue of $3.24 billion (up 68.1% year-over-year); the stock trades near $37.67 with a market cap of $17.41 billion and a P/E of 24.6.
• Institutional ownership stands at 45.14%, with big moves from funds such as New York State Teachers (1.608 million shares), while analysts’ consensus is a "Moderate Buy" with an average target of $50.89.

Oppenheimer Asset Management Inc. lessened its stake in shares of Amcor PLC (NYSE:AMCR - Free Report) by 78.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 191,907 shares of the company's stock after selling 697,323 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Amcor were worth $1,601,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Secured Retirement Advisors LLC grew its holdings in Amcor by 10.3% during the fourth quarter. Secured Retirement Advisors LLC now owns 15,920 shares of the company's stock valued at $133,000 after purchasing an additional 1,492 shares during the last quarter. New York State Teachers Retirement System grew its holdings in Amcor by 6.0% during the fourth quarter. New York State Teachers Retirement System now owns 1,608,763 shares of the company's stock valued at $13,417,000 after purchasing an additional 90,772 shares during the last quarter. US Bancorp DE grew its holdings in Amcor by 1.4% during the fourth quarter. US Bancorp DE now owns 832,153 shares of the company's stock valued at $6,940,000 after purchasing an additional 11,333 shares during the last quarter. Simplicity Wealth LLC grew its holdings in Amcor by 28.0% during the fourth quarter. Simplicity Wealth LLC now owns 30,499 shares of the company's stock valued at $254,000 after purchasing an additional 6,668 shares during the last quarter. Finally, Keybank National Association OH grew its stake in shares of Amcor by 31.7% in the fourth quarter. Keybank National Association OH now owns 24,489 shares of the company's stock worth $204,000 after acquiring an additional 5,891 shares during the last quarter. Institutional investors and hedge funds own 45.14% of the company's stock.

Amcor Trading Up 2.1%

Shares of Amcor stock opened at $37.67 on Wednesday. Amcor PLC has a 1 year low of $36.67 and a 1 year high of $50.94. The company has a current ratio of 1.30, a quick ratio of 0.77 and a debt-to-equity ratio of 1.26. The company's fifty day simple moving average is $41.55 and its 200-day simple moving average is $42.51. The company has a market cap of $17.41 billion, a price-to-earnings ratio of 24.62, a PEG ratio of 1.03 and a beta of 0.63.

Amcor (NYSE:AMCR - Get Free Report) last posted its quarterly earnings results on Tuesday, February 3rd. The company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.03. Amcor had a net margin of 3.04% and a return on equity of 15.57%. The firm had revenue of $3.24 billion for the quarter, compared to the consensus estimate of $5.53 billion. During the same quarter in the previous year, the company earned $0.80 earnings per share. The business's revenue was up 68.1% compared to the same quarter last year. As a group, sell-side analysts expect that Amcor PLC will post 3.94 EPS for the current year.

Wall Street Analysts Forecast Growth

AMCR has been the topic of several research analyst reports. Truist Financial lowered their price objective on shares of Amcor from $60.00 to $50.00 and set a "buy" rating on the stock in a research note on Wednesday, April 15th. Morgan Stanley downgraded shares of Amcor from an "overweight" rating to an "equal weight" rating and set a $46.00 price objective on the stock. in a research note on Wednesday, January 28th. Weiss Ratings downgraded shares of Amcor from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, April 27th. Wells Fargo & Company downgraded shares of Amcor from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $48.00 to $43.00 in a research note on Friday, March 20th. Finally, Citigroup restated a "buy" rating on shares of Amcor in a research note on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $50.89.

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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