South Dakota Investment Council Has $824,000 Holdings in Amcor PLC $AMCR

Key Points

• South Dakota Investment Council cut its Amcor stake by 80% in the first quarter, selling 82,963 shares and retaining 20,739 shares valued at approximately $824,000. Institutional investors and hedge funds collectively own 45.14% of the company.
• Analysts maintain a generally positive view of Amcor, with a consensus rating of “Moderate Buy” and an average price target of $48.08. Recent targets range from $43 to $51.
• Amcor reported quarterly revenue of $5.91 billion and earnings of $0.96 per share, while its quarterly dividend implies an annualized yield of about 5.8%.

South Dakota Investment Council decreased its stake in Amcor PLC (NYSE:AMCR - Free Report) by 80.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,739 shares of the company's stock after selling 82,963 shares during the period. South Dakota Investment Council's holdings in Amcor were worth $824,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Capital International Investors bought a new position in shares of Amcor during the 4th quarter worth about $354,227,000. Norges Bank acquired a new stake in Amcor during the fourth quarter worth about $308,724,000. AQR Capital Management LLC increased its stake in Amcor by 398.6% during the second quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company's stock valued at $147,184,000 after acquiring an additional 12,803,785 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Amcor in the 4th quarter valued at approximately $103,713,000. Finally, Invesco Ltd. lifted its position in shares of Amcor by 29.9% in the 3rd quarter. Invesco Ltd. now owns 47,111,558 shares of the company's stock worth $385,373,000 after acquiring an additional 10,846,351 shares during the period. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on AMCR. Bank of America upped their target price on Amcor from $48.00 to $51.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Jefferies Financial Group set a $44.92 price objective on shares of Amcor and gave the company a "hold" rating in a research note on Tuesday, July 21st. Truist Financial reiterated a "buy" rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. Citigroup lowered their target price on shares of Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Finally, Wells Fargo & Company set a $43.00 price target on shares of Amcor and gave the stock an "equal weight" rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $48.08.

Amcor Stock Down 0.4%

Shares of NYSE AMCR opened at $44.96 on Friday. Amcor PLC has a 12-month low of $36.25 and a 12-month high of $50.94. The firm's 50-day simple moving average is $41.89 and its 200 day simple moving average is $42.33. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. The company has a market cap of $20.79 billion, a price-to-earnings ratio of 31.44, a price-to-earnings-growth ratio of 1.42 and a beta of 0.62.

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

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date was Thursday, May 28th. Amcor's dividend payout ratio (DPR) is presently 181.82%.

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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