State of Alaska Department of Revenue Raises Stock Position in Amcor PLC $AMCR

Key Points

• The State of Alaska Department of Revenue increased its stake in Amcor PLC by 51.6% during the second quarter, owning 464,293 shares worth approximately $4.27 million.
• Amcor's quarterly earnings reported an EPS of $0.20, slightly missing the consensus estimate of $0.21, with revenue also falling short of expectations at $5.08 billion.
• The company recently announced a quarterly dividend of $0.1275 per share, resulting in an annualized yield of 6.3%, with a payout ratio of 141.67%.

State of Alaska Department of Revenue increased its position in shares of Amcor PLC (NYSE:AMCR - Free Report) by 51.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 464,293 shares of the company's stock after acquiring an additional 158,082 shares during the period. State of Alaska Department of Revenue's holdings in Amcor were worth $4,266,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of AMCR. Vanguard Group Inc. grew its position in shares of Amcor by 15.5% during the 1st quarter. Vanguard Group Inc. now owns 68,105,901 shares of the company's stock valued at $660,627,000 after purchasing an additional 9,119,308 shares in the last quarter. Nuveen LLC purchased a new position in Amcor during the first quarter worth about $37,522,000. Charles Schwab Investment Management Inc. increased its stake in Amcor by 8.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 49,831,643 shares of the company's stock worth $483,367,000 after acquiring an additional 3,778,714 shares during the last quarter. Invesco Ltd. increased its stake in Amcor by 9.5% in the 1st quarter. Invesco Ltd. now owns 33,314,287 shares of the company's stock worth $323,149,000 after acquiring an additional 2,889,166 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Amcor by 34.9% in the 1st quarter. Bank of New York Mellon Corp now owns 10,613,159 shares of the company's stock valued at $102,948,000 after acquiring an additional 2,747,846 shares in the last quarter. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. initiated coverage on shares of Amcor in a research report on Friday, September 19th. They issued an "overweight" rating and a $10.00 price objective on the stock. Truist Financial set a $11.00 price target on shares of Amcor and gave the stock a "buy" rating in a research note on Friday, July 11th. Royal Bank Of Canada started coverage on shares of Amcor in a research report on Monday, September 22nd. They set a "sector perform" rating on the stock. Wells Fargo & Company upped their target price on shares of Amcor from $10.00 to $11.00 and gave the stock an "overweight" rating in a research report on Friday, July 18th. Finally, Jefferies Financial Group initiated coverage on Amcor in a research report on Wednesday, July 2nd. They set a "buy" rating and a $12.00 price target on the stock. Nine research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Amcor presently has an average rating of "Moderate Buy" and a consensus target price of $11.21.

Amcor Trading Up 0.9%

NYSE:AMCR opened at $8.13 on Tuesday. The firm has a market capitalization of $11.74 billion, a P/E ratio of 22.57, a P/E/G ratio of 1.05 and a beta of 0.72. The company has a fifty day moving average of $8.80 and a 200 day moving average of $9.14. The company has a quick ratio of 0.71, a current ratio of 1.21 and a debt-to-equity ratio of 1.18. Amcor PLC has a 52 week low of $7.90 and a 52 week high of $11.46.

Amcor (NYSE:AMCR - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.01). Amcor had a return on equity of 19.43% and a net margin of 3.40%.The business had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same period in the previous year, the business earned $0.21 earnings per share. The firm's revenue for the quarter was up 43.8% compared to the same quarter last year. Amcor has set its FY 2026 guidance at 0.800-0.830 EPS. On average, research analysts predict that Amcor PLC will post 0.74 earnings per share for the current year.

Amcor Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Friday, September 5th were paid a dividend of $0.1275 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $0.51 dividend on an annualized basis and a dividend yield of 6.3%. Amcor's payout ratio is presently 141.67%.

Insider Activity

In related news, Director Stephen E. Sterrett purchased 10,000 shares of Amcor stock in a transaction that occurred on Tuesday, August 19th. The shares were bought at an average price of $8.55 per share, for a total transaction of $85,500.00. Following the completion of the transaction, the director directly owned 10,000 shares of the company's stock, valued at $85,500. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.32% of the stock is owned by corporate insiders.

Amcor Profile

Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company operates through two segments, Flexibles and Rigid Packaging. The Flexibles segment provides flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.

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