Tidal Investments LLC Boosts Position in Amcor PLC $AMCR

Key Points

• Tidal Investments increased its Amcor stake by 18.3% in the second quarter, adding 36,634 shares to hold 236,370 shares valued at approximately $10.25 million. Institutional investors own 45.14% of Amcor.
• Amcor reported quarterly earnings of $1.23 per share, exceeding estimates of $1.19, while revenue rose 25.9% year over year to $6.40 billion. Shares opened at $42.35, down 1.5%.
• Amcor declared a quarterly dividend of $0.65 per share, equal to a 6.1% annualized yield, while analysts maintain a “Moderate Buy” consensus with an average price target of $49.49.

Tidal Investments LLC boosted its stake in shares of Amcor PLC (NYSE:AMCR - Free Report) by 18.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 236,370 shares of the company's stock after buying an additional 36,634 shares during the quarter. Tidal Investments LLC owned approximately 0.05% of Amcor worth $10,247,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in AMCR. Brown Financial Advisors increased its position in shares of Amcor by 3.9% during the second quarter. Brown Financial Advisors now owns 6,287 shares of the company's stock worth $273,000 after acquiring an additional 237 shares during the period. CYBER HORNET ETFs LLC grew its stake in Amcor by 11.1% in the fourth quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company's stock worth $37,000 after purchasing an additional 447 shares in the last quarter. FNY Investment Advisers LLC raised its position in Amcor by 16.1% during the 2nd quarter. FNY Investment Advisers LLC now owns 3,600 shares of the company's stock valued at $156,000 after purchasing an additional 500 shares in the last quarter. Van Hulzen Asset Management LLC raised its position in Amcor by 6.7% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 8,005 shares of the company's stock valued at $347,000 after purchasing an additional 500 shares in the last quarter. Finally, FineMark National Bank & Trust lifted its holdings in shares of Amcor by 0.6% in the 4th quarter. FineMark National Bank & Trust now owns 80,503 shares of the company's stock worth $671,000 after buying an additional 503 shares during the period. 45.14% of the stock is owned by hedge funds and other institutional investors.

Amcor Trading Down 1.5%

Shares of NYSE:AMCR opened at $42.35 on Friday. Amcor PLC has a 12-month low of $36.25 and a 12-month high of $50.94. The business's fifty day simple moving average is $45.35 and its 200-day simple moving average is $42.40. The company has a market capitalization of $19.58 billion, a PE ratio of 17.95, a P/E/G ratio of 1.68 and a beta of 0.60. 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 issued its quarterly earnings data 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. 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 analysts' expectations of $6.05 billion. During the same period in the prior year, the business posted $0.20 EPS. The firm's quarterly revenue was up 25.9% on a year-over-year basis. As a group, equities research analysts predict that Amcor PLC will post 2.58 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The company 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 dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 6.1%. The ex-dividend date of this dividend is Friday, September 4th. Amcor's dividend payout ratio is presently 110.17%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AMCR. Weiss Ratings reissued a "hold (c)" rating on shares of Amcor in a research report on Friday, August 7th. BMO Capital Markets began coverage on shares of Amcor in a research note on Thursday, July 16th. They issued a "market perform" rating and a $47.00 price objective for the company. Citigroup reiterated a "buy" rating and set a $52.00 target price (up from $47.00) on shares of Amcor in a report on Friday, August 14th. Truist Financial set a $51.00 target price on shares of Amcor in a research report on Tuesday, August 18th. Finally, Wells Fargo & Company boosted their price target on shares of Amcor from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $49.49.

About Amcor

Amcor plc NYSE: AMCR is a global packaging company that develops and manufactures packaging products for the food, beverage, pharmaceutical, medical, personal care, household and other consumer and industrial markets. Its portfolio is designed to help protect products, extend shelf life, support transportation and improve convenience and sustainability.

The company produces flexible packaging, including films, pouches, bags, lidding and specialty laminates, as well as rigid packaging such as bottles, containers, closures and other molded products.

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