KLP Kapitalforvaltning AS Invests $4.90 Million in Amcor plc (NYSE:AMCR)

KLP Kapitalforvaltning AS acquired a new stake in shares of Amcor plc (NYSE:AMCR) during the 4th quarter, HoldingsChannel.com reports. The firm acquired 520,992 shares of the company’s stock, valued at approximately $4,903,000.

Several other hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in Amcor by 6.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 46,052,929 shares of the company’s stock valued at $433,358,000 after purchasing an additional 2,862,471 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Amcor by 2.0% in the third quarter. Geode Capital Management LLC now owns 36,317,037 shares of the company’s stock valued at $410,144,000 after buying an additional 697,320 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Amcor by 275.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,613,469 shares of the company’s stock valued at $74,931,000 after buying an additional 4,851,222 shares during the period. Vest Financial LLC raised its holdings in Amcor by 7.3% in the 4th quarter. Vest Financial LLC now owns 5,127,348 shares of the company’s stock valued at $48,248,000 after buying an additional 348,026 shares during the last quarter. Finally, Barclays PLC grew its holdings in Amcor by 31.8% during the 3rd quarter. Barclays PLC now owns 4,544,118 shares of the company’s stock worth $51,484,000 after acquiring an additional 1,096,664 shares during the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.

Insider Activity at Amcor

In other news, Director Achal Agarwal acquired 10,000 shares of Amcor stock in a transaction on Thursday, February 27th. The stock was purchased at an average price of $10.10 per share, with a total value of $101,000.00. Following the completion of the purchase, the director now owns 88,967 shares of the company’s stock, valued at approximately $898,566.70. The trade was a 12.66 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.60% of the stock is currently owned by corporate insiders.

Amcor Stock Performance

Shares of AMCR stock opened at $9.43 on Wednesday. The firm has a 50 day moving average of $9.93 and a 200-day moving average of $10.26. The company has a market cap of $13.63 billion, a price-to-earnings ratio of 17.15, a price-to-earnings-growth ratio of 1.96 and a beta of 0.80. The company has a quick ratio of 0.71, a current ratio of 1.26 and a debt-to-equity ratio of 1.80. Amcor plc has a 52 week low of $8.80 and a 52 week high of $11.48.

Amcor (NYSE:AMCR) last issued its earnings results on Tuesday, February 4th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. Amcor had a net margin of 5.89% and a return on equity of 26.14%. The business had revenue of $3.24 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same period in the prior year, the firm earned $0.09 earnings per share. Amcor’s revenue was down .3% on a year-over-year basis. On average, equities analysts forecast that Amcor plc will post 0.74 earnings per share for the current year.

Amcor Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Wednesday, February 26th were given a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date of this dividend was Wednesday, February 26th. Amcor’s payout ratio is 92.73%.

Analysts Set New Price Targets

AMCR has been the subject of several analyst reports. UBS Group raised shares of Amcor from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 11th. Truist Financial raised Amcor from a “hold” rating to a “buy” rating and lifted their target price for the stock from $10.00 to $12.00 in a report on Monday, January 6th. Jefferies Financial Group raised Amcor from a “hold” rating to a “buy” rating in a research note on Monday, February 3rd. Macquarie raised Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. Finally, Bank of America raised shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 target price for the company in a research report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.46.

Amcor 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.