Edgestream Partners L.P. Makes New Investment in Amcor plc (NYSE:AMCR)

Edgestream Partners L.P. bought a new stake in Amcor plc (NYSE:AMCR) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 573,132 shares of the company’s stock, valued at approximately $5,393,000.

Several other institutional investors and hedge funds also recently made changes to their positions in AMCR. Prime Capital Investment Advisors LLC grew its stake in Amcor by 6.1% in the third quarter. Prime Capital Investment Advisors LLC now owns 18,961 shares of the company’s stock worth $215,000 after purchasing an additional 1,085 shares in the last quarter. CWA Asset Management Group LLC grew its position in shares of Amcor by 3.9% in the 4th quarter. CWA Asset Management Group LLC now owns 32,343 shares of the company’s stock worth $304,000 after acquiring an additional 1,213 shares in the last quarter. Fifth Third Wealth Advisors LLC increased its holdings in shares of Amcor by 11.3% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 13,892 shares of the company’s stock valued at $131,000 after acquiring an additional 1,409 shares during the last quarter. New York Life Investment Management LLC raised its position in shares of Amcor by 0.8% during the 4th quarter. New York Life Investment Management LLC now owns 195,714 shares of the company’s stock valued at $1,842,000 after acquiring an additional 1,507 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Amcor by 0.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 442,152 shares of the company’s stock worth $4,161,000 after purchasing an additional 1,761 shares during the last quarter. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Stock Performance

Shares of NYSE AMCR opened at $10.29 on Friday. Amcor plc has a 12-month low of $8.80 and a 12-month high of $11.48. The company has a market cap of $14.87 billion, a PE ratio of 18.70, a P/E/G ratio of 1.96 and a beta of 0.80. The stock has a 50 day simple moving average of $9.85 and a 200-day simple moving average of $10.39. The company has a current ratio of 1.26, a quick ratio of 0.71 and a debt-to-equity ratio of 1.80.

Amcor (NYSE:AMCR) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.16. The company had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.33 billion. Amcor had a return on equity of 26.14% and a net margin of 5.89%. The firm’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.09 EPS. On average, equities research analysts forecast that Amcor plc will post 0.74 EPS for the current year.

Amcor Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 18th. Shareholders of record on Wednesday, February 26th will be paid a dividend of $0.1275 per share. The ex-dividend date of this dividend is Wednesday, February 26th. This represents a $0.51 annualized dividend and a yield of 4.96%. Amcor’s payout ratio is 92.73%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Truist Financial upgraded shares of Amcor from a “hold” rating to a “buy” rating and boosted their target price for the company from $10.00 to $12.00 in a research note on Monday, January 6th. UBS Group raised shares of Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Jefferies Financial Group upgraded shares of Amcor from a “hold” rating to a “buy” rating in a research note on Monday, February 3rd. Macquarie upgraded Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. Finally, Citigroup upgraded Amcor from a “neutral” rating to a “buy” rating and increased their price target for the stock from $11.00 to $12.00 in a research report on Monday, January 6th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $11.46.

Insiders Place Their Bets

In related news, Director Achal Agarwal acquired 10,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were acquired at an average price of $10.10 per share, for a total transaction of $101,000.00. Following the completion of the purchase, the director now directly owns 88,967 shares of the company’s stock, valued at $898,566.70. The trade was a 12.66 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.60% of the stock is owned by insiders.

About Amcor

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.