Amcor (NYSE:AMCR) Earns Equal Weight Rating from Analysts at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of Amcor (NYSE:AMCR) in a research note released on Friday morning, Marketbeat reports. The brokerage issued an equal weight rating and a $9.80 target price on the stock.

Separately, JPMorgan Chase & Co. raised their price objective on Amcor from $9.90 to $10.00 and gave the company an overweight rating in a report on Wednesday, May 1st. One equities research analyst has 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. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $9.93.

Amcor Stock Performance

NYSE:AMCR opened at $9.78 on Friday. The business’s 50-day moving average price is $9.90 and its two-hundred day moving average price is $9.55. Amcor has a twelve month low of $8.45 and a twelve month high of $10.51. The stock has a market cap of $14.14 billion, a P/E ratio of 21.73, a PEG ratio of 5.36 and a beta of 0.85. The company has a quick ratio of 0.75, a current ratio of 1.29 and a debt-to-equity ratio of 1.76.

Amcor (NYSE:AMCR) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.01. Amcor had a return on equity of 24.66% and a net margin of 4.75%. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.49 billion. During the same quarter last year, the firm posted $0.18 EPS. The company’s revenue was down 7.0% compared to the same quarter last year. As a group, equities analysts predict that Amcor will post 0.7 EPS for the current fiscal year.

Amcor Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 11th. Investors of record on Wednesday, May 22nd were issued a dividend of $0.125 per share. The ex-dividend date of this dividend was Tuesday, May 21st. This represents a $0.50 dividend on an annualized basis and a dividend yield of 5.11%. Amcor’s dividend payout ratio is 111.11%.

Hedge Funds Weigh In On Amcor

A number of large investors have recently modified their holdings of the company. NorthRock Partners LLC raised its holdings in shares of Amcor by 2.0% during the 1st quarter. NorthRock Partners LLC now owns 54,237 shares of the company’s stock valued at $516,000 after buying an additional 1,050 shares in the last quarter. Wealth Alliance lifted its position in Amcor by 1.9% in the fourth quarter. Wealth Alliance now owns 55,592 shares of the company’s stock valued at $536,000 after purchasing an additional 1,061 shares during the last quarter. Czech National Bank lifted its position in Amcor by 0.5% in the first quarter. Czech National Bank now owns 254,309 shares of the company’s stock valued at $2,418,000 after purchasing an additional 1,166 shares during the last quarter. Global Retirement Partners LLC lifted its position in Amcor by 17.0% in the fourth quarter. Global Retirement Partners LLC now owns 8,397 shares of the company’s stock valued at $80,000 after purchasing an additional 1,222 shares during the last quarter. Finally, MV Capital Management Inc. lifted its position in Amcor by 33.7% in the fourth quarter. MV Capital Management Inc. now owns 5,193 shares of the company’s stock valued at $50,000 after purchasing an additional 1,310 shares during the last quarter. 45.14% of the stock is owned by hedge funds and other institutional investors.

About Amcor

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.