Linden Thomas Advisory Services LLC has increased its stake in Amcor PLC (NYSE: AMCR) by 3.9% during the second quarter of 2023, according to its recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm now holds 138,590 shares of the packaging company, having purchased an additional 5,184 shares during the reporting period. As of the end of June, Linden Thomas Advisory Services’ holdings in Amcor were valued at approximately $1.27 million.
Several other institutional investors have also adjusted their positions in Amcor recently. Farther Finance Advisors LLC raised its holdings by 5.3%, now owning 20,689 shares worth $190,000. Similarly, AlphaStar Capital Management LLC increased its stake by 2.4% in the first quarter, bringing its total to 50,472 shares valued at $490,000. Koshinski Asset Management Inc. and Private Trust Co. NA also reported increases of 10.1% and 4.8%, respectively. Overall, institutional investors now own approximately 45.14% of Amcor’s stock.
Amcor’s share price opened at $8.15 on Monday, reflecting a decrease of 1.0%. The company currently has a market capitalization of $18.78 billion. Its price-to-earnings ratio stands at 22.63, with a price-to-earnings-growth ratio of 1.16. The stock has fluctuated between a 12-month low of $7.81 and a 12-month high of $11.24.
Dividend Announcement and Insider Activity
Amcor recently declared a quarterly dividend of $0.1275 per share, which was paid on September 25, 2023. This dividend translates to an annualized yield of 6.3%, with an ex-dividend date of September 5, 2023. The company’s dividend payout ratio currently stands at an elevated 141.67%.
In related news, Amcor’s Director, Stephen E. Sterrett, made headlines by acquiring 10,000 shares of the stock on August 19, 2023, at an average price of $8.55 per share. This transaction, totaling $85,500, significantly increased his position in the company.
Analyst Ratings and Future Outlook
Recent analyst coverage has provided a mixed outlook for Amcor shares. JPMorgan Chase & Co. initiated coverage with an “overweight” rating and a price target of $10.00. Conversely, Wells Fargo & Company adjusted their target price from $11.00 to $9.00, maintaining an “overweight” rating. Overall, ten analysts have rated Amcor as a Buy, while four have suggested a Hold, resulting in an average rating of “Moderate Buy” and a consensus target price of $10.84.
Amcor PLC continues to play a significant role in the global packaging industry, operating across multiple regions including Europe, North America, and Asia Pacific. The company’s operations are divided into two segments: Flexibles and Rigid Packaging, serving various sectors from food and beverage to pharmaceuticals.
For ongoing updates on Amcor, including hedge fund activities and insider trades, interested parties can refer to the latest filings and reports available through financial news platforms.
