Citigroup Inc. Purchases 1,894,247 Shares of Amcor plc (NYSE:AMCR)

Citigroup Inc. boosted its position in Amcor plc (NYSE:AMCR) by 113.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,565,132 shares of the company’s stock after acquiring an additional 1,894,247 shares during the period. Citigroup Inc. owned 0.24% of Amcor worth $35,580,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Ameritas Advisory Services LLC bought a new position in Amcor in the first quarter valued at about $27,000. Money Concepts Capital Corp acquired a new position in shares of Amcor during the 4th quarter worth about $31,000. Clear Street Markets LLC grew its position in shares of Amcor by 93.6% during the 1st quarter. Clear Street Markets LLC now owns 2,913 shares of the company’s stock worth $33,000 after buying an additional 1,408 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its position in shares of Amcor by 697.2% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 4,504 shares of the company’s stock worth $51,000 after buying an additional 3,939 shares during the period. Finally, Chilton Capital Management LLC acquired a new position in shares of Amcor during the 1st quarter worth about $63,000. Institutional investors own 49.52% of the company’s stock.

Amcor Stock Performance

Shares of AMCR opened at $9.37 on Friday. The firm has a market cap of $13.54 billion, a P/E ratio of 14.20, a PEG ratio of 10.25 and a beta of 0.80. Amcor plc has a twelve month low of $8.45 and a twelve month high of $12.78. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.74 and a current ratio of 1.27. The firm’s 50 day moving average price is $9.00 and its two-hundred day moving average price is $9.61.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Wednesday, August 16th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.87 billion. Amcor had a net margin of 6.72% and a return on equity of 24.92%. On average, analysts forecast that Amcor plc will post 0.69 EPS for the current fiscal year.

Amcor Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Wednesday, November 22nd will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 5.34%. This is a positive change from Amcor’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Tuesday, November 21st. Amcor’s payout ratio is 74.24%.

Analysts Set New Price Targets

AMCR has been the subject of several analyst reports. TheStreet lowered Amcor from a “b-” rating to a “c+” rating in a research report on Wednesday, September 27th. Truist Financial decreased their target price on Amcor from $11.00 to $10.00 and set a “hold” rating for the company in a research report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $10.40.

Insider Transactions at Amcor

In related news, Director Arun Nayar sold 30,000 shares of Amcor stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $9.40, for a total value of $282,000.00. Following the sale, the director now owns 45,072 shares of the company’s stock, valued at approximately $423,676.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.69% of the stock is owned by insiders.

Amcor Company Profile

Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company operates through two segments, Flexibles and Rigid Packaging. The Flexibles segment provides flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.