JPMorgan Chase & Co. Increases Amcor (NYSE:AMCR) Price Target to $10.00

Amcor (NYSE:AMCR) had its target price raised by equities research analysts at JPMorgan Chase & Co. from $9.90 to $10.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 2.46% from the stock’s previous close.

Amcor Price Performance

Shares of AMCR traded up $0.82 on Wednesday, reaching $9.76. The stock had a trading volume of 4,478,135 shares, compared to its average volume of 8,478,413. Amcor has a twelve month low of $8.45 and a twelve month high of $11.04. The firm has a market capitalization of $14.11 billion, a PE ratio of 22.46, a PEG ratio of 9.95 and a beta of 0.78. The firm has a 50-day moving average of $9.19 and a 200 day moving average of $9.27. The company has a quick ratio of 0.71, a current ratio of 1.25 and a debt-to-equity ratio of 1.74.

Amcor (NYSE:AMCR) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.01. The business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.49 billion. Amcor had a net margin of 4.59% and a return on equity of 24.28%. The company’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.18 earnings per share. Sell-side analysts expect that Amcor will post 0.68 EPS for the current year.

Hedge Funds Weigh In On Amcor

A number of institutional investors have recently made changes to their positions in the business. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Amcor by 12.3% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 246,555 shares of the company’s stock worth $2,377,000 after purchasing an additional 27,077 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Amcor by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 56,479,105 shares of the company’s stock valued at $517,349,000 after acquiring an additional 325,747 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Amcor by 20.3% during the fourth quarter. Handelsbanken Fonder AB now owns 1,345,800 shares of the company’s stock worth $12,974,000 after purchasing an additional 227,145 shares during the period. Barclays PLC boosted its holdings in shares of Amcor by 25.8% in the 3rd quarter. Barclays PLC now owns 4,055,670 shares of the company’s stock valued at $37,152,000 after buying an additional 830,959 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Amcor by 2.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 30,621,317 shares of the company’s stock valued at $280,491,000 after buying an additional 594,034 shares during the last quarter. 45.14% of the stock is owned by institutional investors and hedge funds.

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.