Geode Capital Management LLC Buys 697,320 Shares of Amcor plc (NYSE:AMCR)

Geode Capital Management LLC boosted its position in Amcor plc (NYSE:AMCR) by 2.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 36,317,037 shares of the company’s stock after purchasing an additional 697,320 shares during the quarter. Geode Capital Management LLC’s holdings in Amcor were worth $410,144,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of AMCR. Natixis Advisors LLC lifted its holdings in shares of Amcor by 24.5% during the 3rd quarter. Natixis Advisors LLC now owns 634,631 shares of the company’s stock valued at $7,190,000 after purchasing an additional 124,945 shares during the last quarter. Cerity Partners LLC increased its position in Amcor by 78.7% during the 3rd quarter. Cerity Partners LLC now owns 217,498 shares of the company’s stock valued at $2,464,000 after buying an additional 95,805 shares in the last quarter. Sompo Asset Management Co. Ltd. raised its stake in Amcor by 30.1% in the third quarter. Sompo Asset Management Co. Ltd. now owns 609,250 shares of the company’s stock valued at $6,903,000 after buying an additional 140,850 shares during the last quarter. Barclays PLC boosted its holdings in Amcor by 31.8% in the third 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 in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Amcor by 11.6% during the second quarter. Dimensional Fund Advisors LP now owns 14,721,829 shares of the company’s stock worth $143,989,000 after acquiring an additional 1,527,492 shares during the last quarter. 45.14% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AMCR has been the subject of a number of research analyst reports. Robert W. Baird lifted their price objective on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Citigroup lifted their price target on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Macquarie raised Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. Bank of America raised Amcor from an “underperform” rating to a “buy” rating and set a $12.50 target price for the company in a report on Wednesday. Finally, Wells Fargo & Company increased their price target on shares of Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Amcor has an average rating of “Moderate Buy” and a consensus target price of $11.20.

Amcor Stock Performance

NYSE AMCR opened at $9.90 on Friday. The stock has a market cap of $14.30 billion, a PE ratio of 18.67, a P/E/G ratio of 1.80 and a beta of 0.82. Amcor plc has a twelve month low of $8.78 and a twelve month high of $11.48. The stock has a fifty day simple moving average of $10.60 and a 200-day simple moving average of $10.52. The company has a current ratio of 1.29, a quick ratio of 0.74 and a debt-to-equity ratio of 1.80.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. The business had revenue of $3.35 billion during 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 quarterly revenue was down 2.6% on a year-over-year basis. During the same period last year, the business posted $0.16 earnings per share. Equities analysts anticipate that Amcor plc will post 0.74 earnings per share for the current year.

Amcor Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 11th. Stockholders of record on Thursday, November 21st were given a dividend of $0.1275 per share. The ex-dividend date of this dividend was Thursday, November 21st. This is an increase from Amcor’s previous quarterly dividend of $0.13. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.15%. Amcor’s payout ratio is currently 96.23%.

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.