Amcor (NYSE:AMCR) Rating Increased to Buy at Citigroup

Citigroup upgraded shares of Amcor (NYSE:AMCR) from a neutral rating to a buy rating in a report issued on Monday morning, MarketBeat Ratings reports. Citigroup currently has $12.00 target price on the stock, up from their previous target price of $11.00.

Several other research firms also recently commented on AMCR. Wells Fargo & Company upped their price objective on shares of Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. UBS Group upgraded shares of Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Macquarie upgraded Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. Truist Financial upgraded Amcor from a “hold” rating to a “buy” rating and increased their target price for the stock from $10.00 to $12.00 in a research note on Monday. Finally, Bank of America upgraded Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price target for the company in a research note on Wednesday, December 11th. Three investment 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 stock. According to MarketBeat.com, Amcor presently has an average rating of “Moderate Buy” and an average price target of $11.46.

Amcor Stock Up 1.1 %

Shares of AMCR stock opened at $9.43 on Monday. Amcor has a 52-week low of $8.78 and a 52-week high of $11.48. The stock has a market cap of $13.63 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 1.80 and a beta of 0.84. The firm’s 50-day moving average is $10.06 and its 200-day moving average is $10.46. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.74 and a current ratio of 1.29.

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

Amcor Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 11th. Stockholders of record on Thursday, November 21st were given a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.41%. This is an increase from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, November 21st. Amcor’s dividend payout ratio is presently 96.23%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. M&G PLC grew its stake in Amcor by 5.9% during the third quarter. M&G PLC now owns 49,940,152 shares of the company’s stock worth $549,342,000 after buying an additional 2,775,794 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Amcor by 4.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,190,458 shares of the company’s stock worth $489,348,000 after acquiring an additional 1,960,308 shares during the period. Geode Capital Management LLC boosted its position 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 acquiring an additional 697,320 shares in the last quarter. ProShare Advisors LLC increased its stake in Amcor by 7.8% in the second quarter. ProShare Advisors LLC now owns 19,916,478 shares of the company’s stock valued at $194,783,000 after acquiring an additional 1,443,364 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Amcor by 11.6% in the second 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 during the last quarter. Institutional investors own 45.14% of the company’s stock.

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.