Amcor (NYSE:AMCR) Raised to Outperform at Macquarie

Amcor (NYSE:AMCR) was upgraded by equities researchers at Macquarie from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports.

Several other research analysts have also issued reports on AMCR. Citigroup lifted their price target on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. lifted their target price on Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a report on Tuesday, August 13th. Robert W. Baird upped their target price on Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Friday, August 16th. Finally, Wells Fargo & Company lifted their price target on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Amcor has an average rating of “Hold” and a consensus target price of $10.94.

Amcor Trading Up 1.1 %

Shares of Amcor stock opened at $10.50 on Wednesday. The business has a fifty day simple moving average of $10.80 and a 200-day simple moving average of $10.51. Amcor has a fifty-two week low of $8.78 and a fifty-two week high of $11.48. The firm has a market cap of $15.18 billion, a price-to-earnings ratio of 19.81, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 1.80.

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

Hedge Funds Weigh In On Amcor

Several institutional investors and hedge funds have recently bought and sold shares of the business. Lake Street Advisors Group LLC boosted its holdings in shares of Amcor by 8.4% during the third quarter. Lake Street Advisors Group LLC now owns 12,210 shares of the company’s stock worth $138,000 after purchasing an additional 946 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its position in Amcor by 9.6% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 11,646 shares of the company’s stock worth $132,000 after buying an additional 1,023 shares in the last quarter. Forum Financial Management LP boosted its stake in shares of Amcor by 7.7% during the 3rd quarter. Forum Financial Management LP now owns 14,761 shares of the company’s stock valued at $167,000 after buying an additional 1,058 shares during the period. Prime Capital Investment Advisors LLC grew its holdings in shares of Amcor by 6.1% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 18,961 shares of the company’s stock valued at $215,000 after acquiring an additional 1,085 shares in the last quarter. Finally, Quent Capital LLC increased its stake in shares of Amcor by 51.8% in the second quarter. Quent Capital LLC now owns 3,638 shares of the company’s stock worth $36,000 after acquiring an additional 1,241 shares during the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

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.