Soltis Investment Advisors LLC Buys New Position in Amcor PLC $AMCR

Key Points

• Soltis Investment Advisors acquired 192,385 Amcor shares worth approximately $8.05 million, while institutional investors collectively own 45.14% of the company.
• Amcor reported quarterly earnings of $1.23 per share, exceeding estimates of $1.19, and revenue of $6.40 billion, up 25.9% year over year and above forecasts.
• The company pays a quarterly dividend of $0.65, equivalent to a 5.5% annualized yield, while analysts maintain a “Moderate Buy” consensus with a $49.36 price target.

Soltis Investment Advisors LLC purchased a new position in shares of Amcor PLC (NYSE:AMCR - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 192,385 shares of the company's stock, valued at approximately $8,053,000.

Other large investors have also bought and sold shares of the company. Bank of New York Mellon Corp bought a new position in Amcor in the 2nd quarter valued at $90,556,000. Rubric Capital Management LP acquired a new position in Amcor in the first quarter worth $50,458,000. Ancora Advisors LLC bought a new stake in shares of Amcor during the second quarter worth $39,470,000. Hsbc Holdings PLC grew its holdings in shares of Amcor by 1,620.5% during the first quarter. Hsbc Holdings PLC now owns 672,649 shares of the company's stock worth $26,592,000 after purchasing an additional 633,554 shares during the last quarter. Finally, National Pension Service grew its holdings in shares of Amcor by 1.3% during the second quarter. National Pension Service now owns 505,524 shares of the company's stock worth $21,914,000 after purchasing an additional 6,297 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors.

Amcor Stock Up 3.1%

NYSE AMCR opened at $47.10 on Friday. The stock has a fifty day moving average of $44.05 and a 200-day moving average of $43.04. The stock has a market capitalization of $21.77 billion, a P/E ratio of 19.96, a price-to-earnings-growth ratio of 2.85 and a beta of 0.58. Amcor PLC has a 52 week low of $36.25 and a 52 week high of $50.94. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.76 and a current ratio of 1.25.

Amcor (NYSE:AMCR - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.04. The company had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.05 billion. Amcor had a return on equity of 15.92% and a net margin of 4.71%. The firm's quarterly revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.20 earnings per share. On average, equities research analysts forecast that Amcor PLC will post 1.83 EPS for the current year.

Amcor Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Friday, September 4th were issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 5.5%. The ex-dividend date was Friday, September 4th. Amcor's dividend payout ratio is currently 110.17%.

Analyst Upgrades and Downgrades

AMCR has been the subject of a number of research reports. Truist Financial set a $51.00 target price on Amcor in a research note on Tuesday, August 18th. Bank of America upped their price target on shares of Amcor from $48.00 to $51.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. BMO Capital Markets initiated coverage on shares of Amcor in a report on Thursday, July 16th. They set a "market perform" rating and a $47.00 price objective on the stock. JPMorgan Chase & Co. lowered shares of Amcor from an "overweight" rating to a "neutral" rating and increased their price objective for the stock from $44.00 to $47.00 in a report on Monday, August 17th. Finally, Wells Fargo & Company raised their price objective on shares of Amcor from $43.00 to $44.00 and gave the company an "equal weight" rating in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $49.36.

About Amcor

Amcor plc NYSE: AMCR is a global packaging company that develops and produces packaging solutions for food, beverage, pharmaceutical, medical, personal care, household, and other consumer and industrial products. Its offerings include flexible packaging, rigid containers, closures, bottles, specialty cartons, and related packaging systems designed to protect products, support supply chains, and improve convenience and sustainability.

The company serves customers across North America, Latin America, Europe, Asia-Pacific, and other international markets.

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