Amcor plc (NYSE:AMCR) Position Boosted by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. increased its holdings in Amcor plc (NYSE:AMCR) by 30.1% during the third quarter, Holdings Channel reports. The firm owned 609,250 shares of the company’s stock after purchasing an additional 140,850 shares during the period. Amcor makes up 1.1% of Sompo Asset Management Co. Ltd.’s portfolio, making the stock its 25th largest holding. Sompo Asset Management Co. Ltd.’s holdings in Amcor were worth $6,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in AMCR. Vanguard Group Inc. increased its holdings in shares of Amcor by 2.1% in the first quarter. Vanguard Group Inc. now owns 56,749,318 shares of the company’s stock valued at $539,686,000 after buying an additional 1,170,986 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Amcor by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 20,604,159 shares of the company’s stock worth $195,946,000 after purchasing an additional 2,086,698 shares during the period. Kinloch Capital LLC lifted its holdings in shares of Amcor by 40.4% during the first quarter. Kinloch Capital LLC now owns 314,318 shares of the company’s stock valued at $2,989,000 after purchasing an additional 90,415 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of Amcor by 2.6% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 125,029 shares of the company’s stock valued at $1,145,000 after purchasing an additional 3,227 shares during the period. Finally, Meiji Yasuda Life Insurance Co purchased a new position in Amcor in the 1st quarter worth about $97,000. 45.14% of the stock is owned by institutional investors and hedge funds.

Amcor Price Performance

NYSE AMCR opened at $10.49 on Friday. The company has a 50 day simple moving average of $10.85 and a 200-day simple moving average of $10.51. Amcor plc has a 52-week low of $8.78 and a 52-week high of $11.48. The firm has a market capitalization of $15.16 billion, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.29 and a quick ratio of 0.74.

Amcor (NYSE:AMCR) last released its earnings results on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.16. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the firm earned $0.16 EPS. The company’s revenue was down 2.6% compared to the same quarter last year. Equities research analysts predict that Amcor plc will post 0.74 earnings per share for the current fiscal year.

Amcor Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st will be paid a $0.1275 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.51 dividend on an annualized basis and a yield of 4.86%. This is an increase from Amcor’s previous quarterly dividend of $0.13. Amcor’s payout ratio is 96.23%.

Wall Street Analyst Weigh In

A number of research firms have commented on AMCR. Citigroup upped their price objective on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Robert W. Baird upped their price target on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Friday, August 16th. Wells Fargo & Company lifted their price objective on shares of Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Finally, JPMorgan Chase & Co. increased their target price on Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a report on Tuesday, August 13th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $10.94.

Amcor Company 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.