Parvin Asset Management LLC Invests $1.49 Million in Amcor PLC $AMCR

Parvin Asset Management LLC bought a new stake in shares of Amcor PLC (NYSE:AMCR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 34,431 shares of the company’s stock, valued at approximately $1,493,000. Amcor accounts for approximately 1.2% of Parvin Asset Management LLC’s investment portfolio, making the stock its 17th biggest position.

A number of other large investors also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Amcor by 8.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock valued at $2,596,000 after buying an additional 20,757 shares during the last quarter. Focus Partners Wealth grew its stake in Amcor by 11.3% during the first quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock valued at $418,000 after acquiring an additional 4,396 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in Amcor during the second quarter valued at $138,000. Arrowstreet Capital Limited Partnership bought a new stake in Amcor in the 2nd quarter valued at $6,426,000. Finally, CW Advisors LLC bought a new position in shares of Amcor during the 2nd quarter valued at about $228,000. 45.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AMCR has been the topic of several research reports. Truist Financial set a $51.00 target price on Amcor in a report on Tuesday, August 18th. BMO Capital Markets began coverage on Amcor in a research report on Thursday, July 16th. They set a “market perform” rating and a $47.00 target price for the company. Citigroup reissued a “buy” rating and issued a $52.00 target price (up from $47.00) on shares of Amcor in a report on Friday, August 14th. Wells Fargo & Company boosted their price target on shares of Amcor from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Friday, August 14th. Finally, Bank of America upped their price target on shares of Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $49.49.

Amcor Price Performance

NYSE:AMCR opened at $47.18 on Thursday. The firm has a market capitalization of $21.81 billion, a price-to-earnings ratio of 19.99, a PEG ratio of 2.59 and a beta of 0.62. Amcor PLC has a 1 year low of $36.25 and a 1 year high of $50.94. The business has a 50 day simple moving average of $44.75 and a 200-day simple moving average of $42.72. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.25 and a quick ratio of 0.76.

Amcor (NYSE:AMCR) last released its earnings results on Wednesday, August 12th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.04. The firm had revenue of $6.40 billion for the quarter, compared to the consensus estimate of $6.05 billion. Amcor had a return on equity of 15.92% and a net margin of 4.71%.The company’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 EPS. Equities analysts forecast that Amcor PLC will post 1.84 EPS for the current year.

Amcor Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Friday, September 4th will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 5.5%. The ex-dividend date is Friday, September 4th. Amcor’s dividend payout ratio is presently 110.17%.

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.