Gradient Investments LLC Boosts Holdings in Amcor PLC $AMCR

Gradient Investments LLC lifted its holdings in Amcor PLC (NYSE:AMCR) by 14.4% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 130,897 shares of the company’s stock after acquiring an additional 16,497 shares during the quarter. Gradient Investments LLC’s holdings in Amcor were worth $5,674,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Bangor Savings Bank purchased a new position in Amcor in the 2nd quarter worth $26,000. AdvisorNet Financial Inc purchased a new stake in Amcor during the first quarter valued at about $25,000. Western Wealth Management LLC purchased a new stake in Amcor during the first quarter valued at about $27,000. Palladiem LLC bought a new position in shares of Amcor during the first quarter valued at about $34,000. Finally, Root Financial Partners LLC bought a new position in shares of Amcor during the first quarter valued at about $41,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Analyst Ratings Changes

AMCR has been the subject of a number of recent research reports. Truist Financial reissued 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. BMO Capital Markets initiated coverage on Amcor in a research report on Thursday, July 16th. They set a “market perform” rating and a $47.00 price target on the stock. Jefferies Financial Group set a $44.92 price target on Amcor and gave the stock a “hold” rating in a research note on Tuesday, July 21st. Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Wells Fargo & Company set a $43.00 price objective on Amcor and gave the company an “equal weight” rating in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Amcor presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.08.

Amcor Price Performance

AMCR stock opened at $47.87 on Friday. The stock has a market capitalization of $22.13 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 1.50 and a beta of 0.62. The firm’s 50-day moving average price is $42.71 and its two-hundred day moving average price is $42.47. The company has a current ratio of 1.44, a quick ratio of 0.95 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.

Amcor (NYSE:AMCR) last posted its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.96. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The company had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same period in the prior year, the business posted $0.90 earnings per share. Amcor’s revenue for the quarter was up 77.4% on a year-over-year basis. As a group, equities analysts predict that Amcor PLC will post 3.97 earnings per share for the current year.

Amcor 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.