CIBC Asset Management Inc Acquires 155,909 Shares of Amcor PLC $AMCR

CIBC Asset Management Inc grew its position in Amcor PLC (NYSE:AMCR) by 25.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 771,001 shares of the company’s stock after purchasing an additional 155,909 shares during the quarter. CIBC Asset Management Inc’s holdings in Amcor were worth $6,430,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Brown Lisle Cummings Inc. boosted its holdings in Amcor by 137.9% during the fourth quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company’s stock valued at $29,000 after acquiring an additional 2,000 shares during the period. Larson Financial Group LLC boosted its holdings in Amcor by 46.1% during the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company’s stock valued at $33,000 after acquiring an additional 1,257 shares during the period. N.E.W. Advisory Services LLC boosted its holdings in Amcor by 10.1% during the fourth quarter. N.E.W. Advisory Services LLC now owns 4,070 shares of the company’s stock valued at $34,000 after acquiring an additional 373 shares during the period. CYBER HORNET ETFs LLC bought a new stake in Amcor during the second quarter valued at about $36,000. Finally, Huntington National Bank boosted its holdings in Amcor by 81.8% during the third quarter. Huntington National Bank now owns 4,490 shares of the company’s stock valued at $37,000 after acquiring an additional 2,020 shares during the period. 45.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on AMCR shares. Citigroup decreased their price target on shares of Amcor from $54.00 to $47.00 and set a “buy” rating for the company in a report on Friday, May 8th. Wells Fargo & Company set a $41.00 target price on shares of Amcor and gave the company an “equal weight” rating in a research note on Wednesday, May 20th. Truist Financial reiterated a “buy” rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Amcor in a research note on Wednesday, April 1st. They issued a “buy” rating and a $50.00 target price for the company. Finally, JPMorgan Chase & Co. reduced their target price on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Amcor currently has an average rating of “Moderate Buy” and a consensus price target of $49.33.

Amcor Stock Up 1.3%

Shares of AMCR opened at $38.13 on Friday. The stock has a market cap of $17.63 billion, a price-to-earnings ratio of 26.67, a P/E/G ratio of 1.15 and a beta of 0.64. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. Amcor PLC has a 12 month low of $36.25 and a 12 month high of $50.94. The company has a 50-day moving average price of $39.33 and a two-hundred day moving average price of $42.12.

Amcor (NYSE:AMCR) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting analysts’ consensus estimates of $0.96. The firm had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The company’s revenue for the quarter was up 77.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.90 earnings per share. Equities analysts predict that Amcor PLC will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Thursday, May 28th will be paid a dividend of $0.65 per share. The ex-dividend date is Thursday, May 28th. This represents a $2.60 dividend on an annualized basis and a yield of 6.8%. Amcor’s dividend payout ratio (DPR) is currently 181.82%.

Amcor Company Profile

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.