Tidal Investments LLC Raises Position in Amcor plc (NYSE:AMCR)

Tidal Investments LLC increased its stake in Amcor plc (NYSE:AMCR) by 292.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 81,439 shares of the company’s stock after purchasing an additional 60,691 shares during the quarter. Tidal Investments LLC’s holdings in Amcor were worth $923,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Larson Financial Group LLC increased its stake in Amcor by 3,410.3% during the 3rd quarter. Larson Financial Group LLC now owns 2,387 shares of the company’s stock worth $27,000 after buying an additional 2,319 shares during the period. Rise Advisors LLC purchased a new position in Amcor in the 3rd quarter valued at about $35,000. ORG Wealth Partners LLC acquired a new stake in shares of Amcor during the third quarter valued at about $35,000. True Wealth Design LLC increased its position in shares of Amcor by 3,794.1% during the third quarter. True Wealth Design LLC now owns 3,310 shares of the company’s stock worth $38,000 after acquiring an additional 3,225 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Amcor by 296.3% in the third quarter. Signaturefd LLC now owns 4,336 shares of the company’s stock worth $49,000 after acquiring an additional 3,242 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

A number of brokerages have weighed in on AMCR. Bank of America upgraded Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price objective for the company in a research note on Wednesday, December 11th. Wells Fargo & Company raised their price target 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. UBS Group raised shares of Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 11th. Finally, Macquarie upgraded shares of Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. Four analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $11.20.

Amcor Stock Performance

AMCR stock opened at $9.40 on Friday. The stock’s 50 day simple moving average is $10.44 and its 200 day simple moving average is $10.50. Amcor plc has a 12-month low of $8.78 and a 12-month high of $11.48. The firm has a market cap of $13.59 billion, a P/E ratio of 17.74, a P/E/G ratio of 1.80 and a beta of 0.82. The company has a current ratio of 1.29, a quick ratio of 0.74 and a debt-to-equity ratio of 1.80.

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

Amcor Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st were issued a $0.1275 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $0.51 dividend on an annualized basis and a yield of 5.43%. This is a boost from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio (DPR) is currently 96.23%.

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.