MidFirst Bank Makes New Investment in Amcor PLC $AMCR

MidFirst Bank purchased a new stake in shares of Amcor PLC (NYSE:AMCR) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 17,758 shares of the company’s stock, valued at approximately $148,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. N.E.W. Advisory Services LLC boosted its holdings in shares of Amcor by 10.1% in the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock worth $34,000 after buying an additional 373 shares during the last quarter. CYBER HORNET ETFs LLC raised its position in Amcor by 11.1% in the fourth quarter. CYBER HORNET ETFs LLC now owns 4,488 shares of the company’s stock worth $37,000 after acquiring an additional 447 shares during the period. FineMark National Bank & Trust raised its position in Amcor by 0.6% in the fourth quarter. FineMark National Bank & Trust now owns 80,503 shares of the company’s stock worth $671,000 after acquiring an additional 503 shares during the period. United Asset Strategies Inc. boosted its stake in shares of Amcor by 1.6% during the 4th quarter. United Asset Strategies Inc. now owns 38,453 shares of the company’s stock worth $321,000 after acquiring an additional 597 shares during the last quarter. Finally, Alternative Investment Advisors LLC. boosted its stake in shares of Amcor by 6.3% during the 4th quarter. Alternative Investment Advisors LLC. now owns 11,268 shares of the company’s stock worth $94,000 after acquiring an additional 671 shares during the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on AMCR shares. Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wells Fargo & Company set a $41.00 price target on Amcor and gave the company an “equal weight” rating in a report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price target for the company. Citigroup decreased their price objective on Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Finally, Truist Financial reaffirmed a “buy” rating and set a $51.00 price objective (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $49.33.

Amcor Stock Performance

Shares of NYSE AMCR opened at $40.70 on Tuesday. The firm has a fifty day moving average price of $39.36 and a 200-day moving average price of $41.94. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. The stock has a market cap of $18.82 billion, a PE ratio of 28.46, a price-to-earnings-growth ratio of 1.24 and a beta of 0.64. Amcor PLC has a 1 year low of $36.25 and a 1 year 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 company had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.71 billion. Amcor had a net margin of 3.06% and a return on equity of 14.55%. Amcor’s revenue for the quarter was up 77.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.90 EPS. Equities analysts anticipate that Amcor PLC will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th were given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 6.4%. The ex-dividend date was Thursday, May 28th. Amcor’s payout ratio is presently 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.