Amcor (NYSE:AMCR) Releases Earnings Results

Amcor (NYSE:AMCR) released its quarterly earnings data on Wednesday. The company reported $0.19 earnings per share for the quarter, meeting the consensus estimate of $0.19, FiscalAI reports. The company had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.77 billion. Amcor had a net margin of 3.40% and a return on equity of 19.43%. Amcor’s revenue for the quarter was up 71.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.16 EPS.

Amcor Stock Performance

Shares of NYSE:AMCR traded up $0.04 during midday trading on Friday, reaching $8.26. 5,510,252 shares of the company traded hands, compared to its average volume of 27,674,701. The firm’s fifty day moving average price is $8.16 and its two-hundred day moving average price is $8.89. The firm has a market capitalization of $19.03 billion, a price-to-earnings ratio of 22.90, a price-to-earnings-growth ratio of 1.14 and a beta of 0.72. The company has a quick ratio of 0.71, a current ratio of 1.21 and a debt-to-equity ratio of 1.18. Amcor has a 12 month low of $7.66 and a 12 month high of $10.70.

Amcor Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 17th. Stockholders of record on Friday, November 28th will be given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 6.3%. This is an increase from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, November 28th. Amcor’s payout ratio is presently 141.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AMCR shares. Stifel Nicolaus upgraded shares of Amcor from a “hold” rating to a “buy” rating and set a $10.20 price objective on the stock in a report on Friday, October 10th. Truist Financial set a $11.00 price target on Amcor and gave the stock a “buy” rating in a report on Friday, July 11th. Robert W. Baird decreased their price objective on Amcor from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Friday, August 15th. Royal Bank Of Canada started coverage on shares of Amcor in a research report on Monday, September 22nd. They issued a “sector perform” rating for the company. Finally, JPMorgan Chase & Co. initiated coverage on shares of Amcor in a report on Friday, September 19th. They set an “overweight” rating and a $10.00 price objective on the stock. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $10.84.

Insider Transactions at Amcor

In other Amcor news, Director Stephen E. Sterrett acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The stock was bought at an average price of $8.55 per share, with a total value of $85,500.00. Following the completion of the purchase, the director owned 10,000 shares of the company’s stock, valued at approximately $85,500. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Amcor

Several institutional investors have recently modified their holdings of the company. CYBER HORNET ETFs LLC purchased a new position in Amcor in the 2nd quarter worth $36,000. Geneos Wealth Management Inc. grew its stake in shares of Amcor by 1,915.0% during the second quarter. Geneos Wealth Management Inc. now owns 4,554 shares of the company’s stock valued at $42,000 after buying an additional 4,328 shares during the last quarter. MUFG Securities EMEA plc purchased a new position in shares of Amcor in the second quarter worth about $62,000. Pitcairn Co. lifted its stake in shares of Amcor by 17.6% in the 2nd quarter. Pitcairn Co. now owns 14,652 shares of the company’s stock valued at $135,000 after acquiring an additional 2,192 shares during the last quarter. Finally, Sivia Capital Partners LLC purchased a new stake in Amcor during the 2nd quarter valued at about $138,000. 45.14% of the stock is currently owned by institutional investors.

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.