Metis Global Partners LLC Acquires 23,620 Shares of Amcor plc (NYSE:AMCR)

Metis Global Partners LLC raised its stake in Amcor plc (NYSE:AMCR) by 21.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 131,308 shares of the company’s stock after acquiring an additional 23,620 shares during the quarter. Metis Global Partners LLC’s holdings in Amcor were worth $1,488,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in AMCR. M&G Plc boosted its position in Amcor by 2,741.7% in the second quarter. M&G Plc now owns 47,164,358 shares of the company’s stock valued at $471,644,000 after buying an additional 45,504,608 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in shares of Amcor by 236.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 1,648,279 shares of the company’s stock valued at $15,675,000 after acquiring an additional 1,157,878 shares in the last quarter. SteelPeak Wealth LLC bought a new stake in Amcor during the 2nd quarter worth $781,000. Vanguard Group Inc. increased its holdings in Amcor by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 56,749,318 shares of the company’s stock worth $539,686,000 after purchasing an additional 1,170,986 shares in the last quarter. Finally, Cardinal Capital Management raised its position in Amcor by 832.2% in the second quarter. Cardinal Capital Management now owns 115,616 shares of the company’s stock valued at $1,131,000 after purchasing an additional 103,213 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price objective on Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a research note on Tuesday, August 13th. Citigroup raised their price target on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Wells Fargo & Company boosted their price objective on shares of Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Finally, Robert W. Baird raised their target price on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $10.94.

Amcor Price Performance

AMCR stock opened at $10.22 on Friday. The company’s fifty day simple moving average is $10.92 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 $14.77 billion, a price-to-earnings ratio of 19.28, a PEG ratio of 1.82 and a beta of 0.85. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 1.80.

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

Amcor Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st will be issued a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a yield of 4.99%. This is a boost from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, November 21st. Amcor’s dividend payout ratio (DPR) is presently 94.34%.

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.