Allstate Corp Purchases New Shares in Amcor plc (NYSE:AMCR)

Allstate Corp acquired a new position in shares of Amcor plc (NYSE:AMCR) during the 4th quarter, Holdings Channel.com reports. The fund acquired 43,895 shares of the company’s stock, valued at approximately $413,000.

A number of other institutional investors also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its stake in shares of Amcor by 6.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 46,052,929 shares of the company’s stock worth $433,358,000 after purchasing an additional 2,862,471 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Amcor during the 4th quarter worth $23,810,000. Vanguard Group Inc. lifted its stake in shares of Amcor by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 58,986,593 shares of the company’s stock worth $555,064,000 after acquiring an additional 1,249,868 shares during the period. Barclays PLC boosted its holdings in shares of Amcor by 31.8% in the third quarter. Barclays PLC now owns 4,544,118 shares of the company’s stock valued at $51,484,000 after acquiring an additional 1,096,664 shares in the last quarter. Finally, Moran Wealth Management LLC acquired a new position in shares of Amcor during the fourth quarter worth about $10,056,000. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Amcor Stock Performance

Shares of AMCR opened at $9.81 on Thursday. Amcor plc has a 12-month low of $8.80 and a 12-month high of $11.48. The stock has a market cap of $14.18 billion, a P/E ratio of 17.84, a PEG ratio of 1.96 and a beta of 0.80. The company has a current ratio of 1.26, a quick ratio of 0.71 and a debt-to-equity ratio of 1.80. The company has a 50-day moving average of $9.93 and a two-hundred day moving average of $10.21.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. The firm had revenue of $3.24 billion during the quarter, compared to the consensus estimate of $3.33 billion. Amcor had a return on equity of 26.14% and a net margin of 5.89%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.09 EPS. As a group, research analysts predict that Amcor plc will post 0.74 EPS for the current fiscal year.

Amcor Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Wednesday, February 26th were given a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a yield of 5.20%. The ex-dividend date of this dividend was Wednesday, February 26th. Amcor’s dividend payout ratio is presently 92.73%.

Insider Activity at Amcor

In other news, Director Achal Agarwal purchased 10,000 shares of the stock in a transaction dated Thursday, February 27th. The stock was acquired at an average cost of $10.10 per share, for a total transaction of $101,000.00. Following the completion of the acquisition, the director now directly owns 88,967 shares in the company, valued at $898,566.70. This represents a 12.66 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.60% of the stock is currently owned by corporate insiders.

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.