Sequoia Financial Advisors LLC Buys 28,670 Shares of Amcor PLC $AMCR

Sequoia Financial Advisors LLC raised its stake in Amcor PLC (NYSE:AMCR) by 91.3% in the fourth quarter, Holdings Channel reports. The fund owned 60,070 shares of the company’s stock after purchasing an additional 28,670 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Amcor were worth $501,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. State Street Corp lifted its holdings in shares of Amcor by 7.2% in the third quarter. State Street Corp now owns 139,077,241 shares of the company’s stock worth $1,137,652,000 after acquiring an additional 9,375,255 shares during the last quarter. Vanguard Group Inc. raised its holdings in Amcor by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 113,335,957 shares of the company’s stock valued at $945,222,000 after buying an additional 1,845,627 shares during the last quarter. M&G PLC raised its holdings in Amcor by 26.6% in the 3rd quarter. M&G PLC now owns 108,333,984 shares of the company’s stock valued at $866,672,000 after buying an additional 22,737,979 shares during the last quarter. Invesco Ltd. raised its holdings in Amcor by 29.9% in the 3rd quarter. Invesco Ltd. now owns 47,111,558 shares of the company’s stock valued at $385,373,000 after buying an additional 10,846,351 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in Amcor by 103.9% in the 3rd quarter. Federated Hermes Inc. now owns 39,344,317 shares of the company’s stock valued at $321,837,000 after buying an additional 20,052,979 shares during the last quarter. Institutional investors own 45.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on AMCR shares. Weiss Ratings upgraded shares of Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Robert W. Baird set a $54.00 price objective on shares of Amcor in a report on Wednesday, February 4th. Deutsche Bank Aktiengesellschaft started coverage on shares of Amcor in a report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price objective for the company. Citigroup dropped their price objective on shares of Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a report on Friday, May 8th. Finally, Truist Financial reiterated a “buy” rating and issued a $51.00 price objective (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.56.

Amcor Stock Performance

NYSE:AMCR opened at $36.71 on Friday. The company has a market capitalization of $16.97 billion, a PE ratio of 25.67, a P/E/G ratio of 1.11 and a beta of 0.63. The company has a 50 day simple moving average of $40.08 and a two-hundred day simple moving average of $42.41. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. Amcor PLC has a fifty-two week low of $36.67 and a fifty-two week high of $50.94.

Amcor (NYSE:AMCR) last released its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.96. The business had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.71 billion. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The company’s revenue for the quarter was up 77.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.90 EPS. Research analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date of this dividend is Thursday, May 28th. Amcor’s dividend payout ratio is currently 181.82%.

About Amcor

Amcor (NYSE: AMCR) is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company’s product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor’s packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.