Amcor (NYSE:AMCR) Raised to “Buy” at Truist Financial

Amcor (NYSE:AMCR) was upgraded by investment analysts at Truist Financial from a “hold” rating to a “buy” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports. The brokerage presently has a $12.00 price target on the stock, up from their previous price target of $10.00. Truist Financial’s price target would indicate a potential upside of 28.62% from the stock’s current price.

Several other equities analysts have also recently commented on AMCR. UBS Group raised shares of Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Wells Fargo & Company boosted their target price on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Bank of America raised Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price objective for the company in a research report on Wednesday, December 11th. Finally, Macquarie upgraded Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Amcor has an average rating of “Moderate Buy” and a consensus price target of $11.46.

Amcor Trading Down 0.2 %

Shares of NYSE AMCR opened at $9.33 on Monday. The company has a current ratio of 1.29, a quick ratio of 0.74 and a debt-to-equity ratio of 1.80. The stock has a market capitalization of $13.49 billion, a PE ratio of 17.60, a PEG ratio of 1.80 and a beta of 0.84. Amcor has a twelve month low of $8.78 and a twelve month high of $11.48. The stock has a fifty day simple moving average of $10.09 and a 200-day simple moving average of $10.47.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.16. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the firm earned $0.16 earnings per share. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. On average, equities analysts forecast that Amcor will post 0.74 earnings per share for the current year.

Hedge Funds Weigh In On Amcor

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. M&G PLC grew its holdings in shares of Amcor by 5.9% in the 3rd quarter. M&G PLC now owns 49,940,152 shares of the company’s stock worth $549,342,000 after acquiring an additional 2,775,794 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Amcor by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 43,190,458 shares of the company’s stock valued at $489,348,000 after purchasing an additional 1,960,308 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Amcor by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 36,317,037 shares of the company’s stock worth $410,144,000 after buying an additional 697,320 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Amcor by 7.8% in the 2nd quarter. ProShare Advisors LLC now owns 19,916,478 shares of the company’s stock worth $194,783,000 after buying an additional 1,443,364 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Amcor by 11.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 14,721,829 shares of the company’s stock valued at $143,989,000 after acquiring an additional 1,527,492 shares in the last quarter. 45.14% of the stock is owned by institutional investors and hedge funds.

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.