JPMorgan Chase & Co. Acquires New Stake in Amcor plc (NYSE:AMCR)

JPMorgan Chase & Co. acquired a new stake in Amcor plc (NYSE:AMCR – Get Rating) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,707,080 shares of the company’s stock, valued at approximately $30,670,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Verdence Capital Advisors LLC increased its stake in shares of Amcor by 1.1% in the 1st quarter. Verdence Capital Advisors LLC now owns 89,569 shares of the company’s stock worth $1,015,000 after acquiring an additional 950 shares during the last quarter. B. Riley Wealth Management Inc. increased its stake in shares of Amcor by 8.0% in the 4th quarter. B. Riley Wealth Management Inc. now owns 13,552 shares of the company’s stock worth $163,000 after acquiring an additional 1,006 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Amcor by 1.2% in the 1st quarter. CIBC Asset Management Inc now owns 85,076 shares of the company’s stock worth $964,000 after acquiring an additional 1,032 shares during the last quarter. Checchi Capital Advisers LLC increased its stake in shares of Amcor by 6.8% in the 1st quarter. Checchi Capital Advisers LLC now owns 16,629 shares of the company’s stock worth $188,000 after acquiring an additional 1,059 shares during the last quarter. Finally, Baird Financial Group Inc. increased its stake in shares of Amcor by 4.7% in the 4th quarter. Baird Financial Group Inc. now owns 25,516 shares of the company’s stock worth $306,000 after acquiring an additional 1,136 shares during the last quarter. 47.76% of the stock is owned by institutional investors and hedge funds.

Amcor Stock Up 0.2 %

Shares of NYSE:AMCR opened at $12.02 on Friday. The business has a 50-day moving average price of $12.58 and a 200 day moving average price of $12.21. The company has a current ratio of 1.15, a quick ratio of 0.67 and a debt-to-equity ratio of 1.53. The company has a market capitalization of $17.90 billion, a price-to-earnings ratio of 22.68, a PEG ratio of 2.43 and a beta of 0.75. Amcor plc has a 12-month low of $10.66 and a 12-month high of $13.60.

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Amcor (NYSE:AMCR – Get Rating) last announced its earnings results on Wednesday, August 17th. The company reported $0.24 EPS for the quarter, meeting analysts’ consensus estimates of $0.24. Amcor had a return on equity of 27.37% and a net margin of 5.53%. The company had revenue of $3.91 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period last year, the business posted $0.23 EPS. Sell-side analysts expect that Amcor plc will post 0.82 EPS for the current year.

Amcor Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 28th. Investors of record on Thursday, September 8th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Wednesday, September 7th. Amcor’s dividend payout ratio (DPR) is 90.57%.

Wall Street Analysts Forecast Growth

AMCR has been the subject of a number of recent research reports. TheStreet raised Amcor from a “c” rating to a “b” rating in a research note on Friday, May 13th. Jefferies Financial Group downgraded Amcor from a “hold” rating to an “underperform” rating in a research note on Thursday, August 18th. Morgan Stanley downgraded Amcor from an “overweight” rating to an “equal weight” rating in a research report on Thursday, August 4th. Macquarie downgraded Amcor from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 18th. Finally, CLSA initiated coverage on Amcor in a research report on Tuesday, July 19th. They set a “buy” rating for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $13.10.

Insider Activity at Amcor

In related news, CFO Michael Casamento sold 204,960 shares of the firm’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $12.29, for a total transaction of $2,518,958.40. Following the completion of the transaction, the chief financial officer now directly owns 367,248 shares in the company, valued at approximately $4,513,477.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Louis Fred Stephan sold 29,762 shares of Amcor stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $12.63, for a total value of $375,894.06. Following the completion of the transaction, the insider now owns 108,598 shares in the company, valued at approximately $1,371,592.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael Casamento sold 204,960 shares of Amcor stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $12.29, for a total value of $2,518,958.40. Following the completion of the transaction, the chief financial officer now owns 367,248 shares of the company’s stock, valued at approximately $4,513,477.92. The disclosure for this sale can be found here. Insiders sold 1,270,470 shares of company stock worth $15,924,562 in the last three months. 0.39% of the stock is owned by company insiders.

About Amcor

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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.