Northwestern Mutual Wealth Management Co. Has $646,000 Stock Position in Amcor PLC $AMCR

Northwestern Mutual Wealth Management Co. increased its stake in Amcor PLC (NYSE:AMCR) by 54.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 77,502 shares of the company’s stock after buying an additional 27,183 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Amcor were worth $646,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AMCR. M&G PLC lifted its stake in shares of Amcor by 26.6% in the third quarter. M&G PLC now owns 108,333,984 shares of the company’s stock worth $866,672,000 after acquiring an additional 22,737,979 shares during the period. AQR Capital Management LLC lifted its stake in shares of Amcor by 398.6% in the second quarter. AQR Capital Management LLC now owns 16,015,722 shares of the company’s stock worth $147,184,000 after acquiring an additional 12,803,785 shares during the period. Invesco Ltd. lifted its stake in shares of Amcor by 29.9% in the third quarter. Invesco Ltd. now owns 47,111,558 shares of the company’s stock worth $385,373,000 after acquiring an additional 10,846,351 shares during the period. State Street Corp lifted its stake in shares of Amcor by 7.2% in the third quarter. State Street Corp now owns 139,077,241 shares of the company’s stock worth $1,137,652,000 after acquiring an additional 9,375,255 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Amcor by 136.5% in the second quarter. Bank of America Corp DE now owns 14,807,749 shares of the company’s stock worth $136,083,000 after acquiring an additional 8,546,367 shares during the period. 45.14% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on AMCR. Citigroup cut 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. Wells Fargo & Company set a $41.00 price target on Amcor and gave the company an “equal weight” rating in a research note on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft began coverage on Amcor in a research note on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Finally, Truist Financial reissued a “buy” rating and issued a $51.00 price target (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.33.

Amcor Price Performance

Shares of AMCR opened at $38.86 on Wednesday. Amcor PLC has a 52-week low of $36.25 and a 52-week high of $50.94. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.95 and a current ratio of 1.44. The business’s 50 day moving average price is $39.29 and its two-hundred day moving average price is $42.06. The firm has a market cap of $17.97 billion, a PE ratio of 27.17, a price-to-earnings-growth ratio of 1.14 and a beta of 0.64.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. The firm had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.71 billion. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The company’s revenue was up 77.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.90 earnings per share. On average, equities analysts anticipate that Amcor PLC will post 3.97 EPS for the current year.

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Thursday, May 28th will be issued a dividend of $0.65 per share. The ex-dividend date is Thursday, May 28th. This represents a $2.60 annualized dividend and a dividend yield of 6.7%. Amcor’s payout ratio is currently 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.