Amcor (NYSE:AMCR) Price Target Raised to $48.00

Amcor (NYSE:AMCR) had its price objective raised by Wells Fargo & Company from $9.00 to $48.00 in a research note published on Tuesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

AMCR has been the subject of a number of other reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Amcor in a research note on Wednesday, October 8th. Stifel Nicolaus raised Amcor from a “hold” rating to a “buy” rating and set a $51.00 price objective for the company in a report on Friday, October 10th. Royal Bank Of Canada assumed coverage on Amcor in a research report on Monday, September 22nd. They set a “sector perform” rating for the company. Truist Financial raised their target price on Amcor from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Finally, Robert W. Baird raised shares of Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $53.79.

Amcor Trading Up 0.9%

AMCR opened at $42.80 on Tuesday. The company has a quick ratio of 0.62, a current ratio of 1.04 and a debt-to-equity ratio of 1.09. Amcor has a 52 week low of $38.33 and a 52 week high of $52.25. The stock has a market cap of $19.73 billion, a PE ratio of 25.18, a PEG ratio of 0.99 and a beta of 0.68. The business has a 50 day moving average of $42.10 and a 200-day moving average of $42.88.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. Amcor had a net margin of 3.34% and a return on equity of 17.35%. The company had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.77 billion. During the same period last year, the business earned $0.80 EPS. Amcor’s quarterly revenue was up 71.3% compared to the same quarter last year. Equities research analysts predict that Amcor will post 0.74 earnings per share for the current fiscal year.

Amcor Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 17th. Investors of record on Friday, November 28th were paid a dividend of $0.65 per share. This is a boost from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, November 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 6.1%. Amcor’s dividend payout ratio is presently 152.94%.

Institutional Investors Weigh In On Amcor

A number of institutional investors have recently bought and sold shares of AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Amcor by 8.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock valued at $2,596,000 after buying an additional 20,757 shares during the last quarter. Focus Partners Wealth raised its holdings in shares of Amcor by 11.3% during the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock worth $418,000 after acquiring an additional 4,396 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Amcor by 29.4% during the 2nd quarter. Parallel Advisors LLC now owns 7,909 shares of the company’s stock valued at $73,000 after acquiring an additional 1,795 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Amcor in the second quarter valued at $138,000. Finally, NorthCrest Asset Manangement LLC increased its position in Amcor by 38.3% in the second quarter. NorthCrest Asset Manangement LLC now owns 13,861 shares of the company’s stock worth $133,000 after purchasing an additional 3,837 shares during the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

About Amcor

Amcor (NYSE: AMCR) is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company’s product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor’s packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.