Parvin Asset Management LLC Makes New $1.49 Million Investment in Amcor PLC $AMCR

Key Points

• Parvin Asset Management bought 34,431 Amcor shares valued at approximately $1.49 million, making AMCR 1.2% of its portfolio. Institutional investors collectively own 45.14% of the stock.
• Analysts maintain a “Moderate Buy” consensus rating, with a target price of $49.49; individual targets range from $44.00 to $56.00.
• Amcor exceeded quarterly earnings and revenue expectations, reporting $1.23 in EPS and $6.40 billion in revenue, while revenue rose 25.9% year over year. The company also declared a quarterly dividend of $0.65, representing a 5.5% annualized yield.

Parvin Asset Management LLC bought a new stake in shares of Amcor PLC (NYSE:AMCR - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 34,431 shares of the company's stock, valued at approximately $1,493,000. Amcor comprises 1.2% of Parvin Asset Management LLC's investment portfolio, making the stock its 17th largest position.

A number of other hedge funds have also recently made changes to their positions in AMCR. Capital International Investors purchased a new position in Amcor during the fourth quarter valued at $354,227,000. Norges Bank purchased a new position in Amcor in the fourth quarter worth about $308,724,000. AQR Capital Management LLC lifted its stake in shares of Amcor by 398.6% in the second quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company's stock worth $147,184,000 after buying an additional 12,803,785 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Amcor in the fourth quarter worth approximately $103,713,000. Finally, Invesco Ltd. grew its holdings in shares of Amcor by 29.9% during the third quarter. Invesco Ltd. now owns 47,111,558 shares of the company's stock valued at $385,373,000 after buying an additional 10,846,351 shares during the last quarter. 45.14% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. BMO Capital Markets started coverage on shares of Amcor in a report on Thursday, July 16th. They issued a "market perform" rating and a $47.00 price objective for the company. Wells Fargo & Company boosted their target price on Amcor from $43.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Friday, August 14th. Jefferies Financial Group set a $44.92 price target on shares of Amcor and gave the company a "hold" rating in a report on Tuesday, July 21st. UBS Group assumed coverage on shares of Amcor in a research report on Tuesday, August 11th. They issued a "buy" rating and a $56.00 target price for the company. Finally, Truist Financial set a $51.00 target price on shares of Amcor in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $49.49.

Amcor Stock Down 0.2%

AMCR opened at $47.18 on Thursday. The firm's 50 day simple moving average is $44.75 and its two-hundred day simple moving average is $42.72. The company has a market capitalization of $21.81 billion, a PE ratio of 19.99, a PEG ratio of 2.59 and a beta of 0.62. Amcor PLC has a 1-year low of $36.25 and a 1-year high of $50.94. The company has a current ratio of 1.25, a quick ratio of 0.76 and a debt-to-equity ratio of 1.17.

Amcor (NYSE:AMCR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.19 by $0.04. Amcor had a return on equity of 15.92% and a net margin of 4.71%.The firm had revenue of $6.40 billion during the quarter, compared to analyst estimates of $6.05 billion. During the same period in the prior year, the business posted $0.20 EPS. Amcor's revenue was up 25.9% on a year-over-year basis. As a group, equities analysts forecast that Amcor PLC will post 1.84 EPS for the current year.

Amcor Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Friday, September 4th will be given a $0.65 dividend. The ex-dividend date is Friday, September 4th. This represents a $2.60 dividend on an annualized basis and a yield of 5.5%. Amcor's dividend payout ratio is presently 110.17%.

Amcor Company Profile

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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