North Star Asset Management Inc. Makes New $2.46 Million Investment in Amcor PLC $AMCR

North Star Asset Management Inc. purchased a new position in shares of Amcor PLC (NYSE:AMCR) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 56,728 shares of the company’s stock, valued at approximately $2,459,000.

Several other institutional investors have also modified their holdings of the stock. Public Employees Retirement System of Ohio purchased a new stake in shares of Amcor in the second quarter valued at about $5,709,000. Parvin Asset Management LLC purchased a new position in Amcor during the second quarter worth about $1,493,000. Ancora Advisors LLC purchased a new position in Amcor during the second quarter worth about $39,470,000. Foster & Motley Inc. acquired a new position in Amcor in the 2nd quarter valued at about $369,000. Finally, Commerzbank Aktiengesellschaft FI acquired a new position in Amcor in the 2nd quarter valued at about $3,126,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Price Performance

Shares of AMCR opened at $46.57 on Friday. The firm has a 50-day simple moving average of $44.86 and a two-hundred day simple moving average of $42.71. The stock has a market cap of $21.53 billion, a PE ratio of 19.73, a P/E/G ratio of 2.58 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 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 issued its quarterly earnings data on Thursday, August 13th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.19 by $0.04. The firm had revenue of $6.40 billion for the quarter, compared to analyst estimates of $6.05 billion. Amcor had a net margin of 4.71% and a return on equity of 15.92%. The business’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.20 EPS. As a group, analysts forecast that Amcor PLC will post 1.84 EPS for the current year.

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date is Friday, September 4th. Amcor’s dividend payout ratio is 110.17%.

Wall Street Analysts Forecast Growth

AMCR has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price target on shares of Amcor from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Friday, August 14th. Jefferies Financial Group set a $44.92 price objective on Amcor and gave the stock a “hold” rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. reissued a “neutral” rating and set a $47.00 target price (up from $44.00) on shares of Amcor in a research note on Monday, August 17th. Bank of America lifted their target price on Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Amcor in a research note on Friday, August 7th. One 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.49.

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.