Linden Thomas Advisory Services LLC has increased its holdings in Amcor PLC (NYSE: AMCR) by 3.9% during the second quarter of 2023. According to the firm’s recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC), Linden Thomas now owns a total of 138,590 shares of Amcor after acquiring an additional 5,184 shares during the quarter. As of the end of this reporting period, these holdings are valued at approximately $1.27 million.
Other institutional investors have also adjusted their stakes in Amcor. Farther Finance Advisors LLC raised its holdings by 5.3%, now owning 20,689 shares worth $190,000 after purchasing 1,035 additional shares. AlphaStar Capital Management LLC increased its position by 2.4%, bringing its total to 50,472 shares valued at $490,000. Koshinski Asset Management Inc. raised its stake by 10.1%, now holding 13,659 shares valued at $132,000 following a purchase of 1,252 shares. Additionally, Private Trust Co. NA lifted its stake by 4.8%, owning 28,611 shares worth $263,000, while ORG Partners LLC increased its holdings by 17.2%, owning 10,262 shares valued at $98,000.
Currently, institutional investors collectively own 45.14% of Amcor’s stock.
Amcor’s Stock Performance and Dividends
On Monday, Amcor’s stock opened at $8.15. The company, which has a market capitalization of $18.78 billion, reports a price-to-earnings ratio of 22.63 and a beta of 0.73. Over the past year, the stock has reached a low of $7.81 and a high of $11.24. Its fifty-day moving average price stands at $8.25, while the 200-day moving average is $8.96.
Amcor also announced a quarterly dividend, which was paid on September 25, 2023. Shareholders on record as of September 5 received a dividend of $0.1275 per share, translating to an annualized dividend of $0.51 and a yield of 6.3%. The company’s dividend payout ratio currently stands at 141.67%.
Insider Activity and Analyst Ratings
In related news, Amcor’s Director, Stephen E. Sterrett, purchased 10,000 shares of the company on August 19, 2023, at an average price of $8.55 per share, totaling $85,500. This acquisition increases Sterrett’s holdings to 10,000 shares valued at the same amount. The transaction was reported in a document filed with the SEC.
Analyst ratings for Amcor have also seen activity. JPMorgan Chase & Co. initiated coverage with an “overweight” rating and a price target of $10.00. Jefferies Financial Group also began coverage, assigning a “buy” rating with a target price of $12.00. Royal Bank of Canada rated the stock as “sector perform,” while Wells Fargo & Company lowered its price target from $11.00 to $9.00, maintaining an “overweight” rating. Robert W. Baird adjusted its price target down from $11.00 to $10.00 while giving a “neutral” rating.
Currently, ten investment analysts have rated Amcor with a “buy,” while four have assigned a “hold” rating. According to MarketBeat, Amcor holds an average rating of “Moderate Buy” with a consensus target price of $10.84.
Amcor PLC, headquartered in Australia, develops and produces packaging solutions across multiple regions including Europe, North America, and Asia Pacific. The company operates through two segments: Flexibles and Rigid Packaging, catering to various industries such as food and beverage, pharmaceuticals, and personal care.
