Amcor (NYSE:AMCR) Price Target Raised to $53.00

Amcor (NYSE:AMCR) had its price target raised by equities researchers at Truist Financial from $51.00 to $53.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial‘s price objective suggests a potential upside of 16.23% from the stock’s current price.

Other research analysts have also issued reports about the company. Jefferies Financial Group set a $44.92 target price on Amcor and gave the company a “hold” rating in a research note on Tuesday, July 21st. BMO Capital Markets assumed coverage on shares of Amcor in a report on Thursday, July 16th. They issued a “market perform” rating and a $47.00 target price on the stock. JPMorgan Chase & Co. cut shares of Amcor from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $44.00 to $47.00 in a report on Monday, August 17th. Deutsche Bank Aktiengesellschaft downgraded shares of Amcor from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Bank of America raised their price objective on Amcor from $48.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, Amcor currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.54.

Amcor Price Performance

NYSE:AMCR traded down $2.90 during mid-day trading on Thursday, reaching $45.60. 1,162,695 shares of the stock were exchanged, compared to its average volume of 4,509,021. The firm has a market capitalization of $21.08 billion, a PE ratio of 19.25, a PEG ratio of 2.94 and a beta of 0.56. The company has a current ratio of 1.25, a quick ratio of 0.76 and a debt-to-equity ratio of 1.17. The business has a fifty day moving average price of $44.05 and a 200 day moving average price of $43.13. Amcor has a 1-year low of $36.25 and a 1-year high of $50.94.

Amcor (NYSE:AMCR) last announced its earnings results on Wednesday, November 4th. The company reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.01). Amcor had a return on equity of 15.92% and a net margin of 4.71%. The company had revenue of $6.13 billion for the quarter, compared to analyst estimates of $5.75 billion. During the same period last year, the firm earned $0.11 earnings per share. Research analysts expect that Amcor will post 1.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Amcor

Hedge funds have recently made changes to their positions in the stock. Brown Financial Advisors boosted its stake in Amcor by 3.9% during the second quarter. Brown Financial Advisors now owns 6,287 shares of the company’s stock valued at $273,000 after buying an additional 237 shares during the period. SBI Securities Co. Ltd. raised its holdings in Amcor by 4.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 6,213 shares of the company’s stock valued at $260,000 after buying an additional 244 shares during the last quarter. Eliot Finkel Investment Counsel LLC boosted its holdings in shares of Amcor by 0.7% during the third quarter. Eliot Finkel Investment Counsel LLC now owns 42,679 shares of the company’s stock worth $1,787,000 after purchasing an additional 283 shares during the period. Flagship Harbor Advisors LLC grew its position in shares of Amcor by 5.3% in the 3rd quarter. Flagship Harbor Advisors LLC now owns 5,940 shares of the company’s stock worth $249,000 after buying an additional 300 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in Amcor by 6.6% in the 3rd quarter. Quadrant Capital Group LLC now owns 5,320 shares of the company’s stock worth $222,000 after purchasing an additional 328 shares in the last quarter. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

More Amcor News

Here are the key news stories impacting Amcor this week:

• Positive Sentiment: Amcor reported first-quarter revenue of $6.13 billion, above analysts’ $5.75 billion estimate. It also raised its quarterly dividend 1.5%, to $0.66 per share, equivalent to a 5.4% annualized yield. Amcor reports quarterly results
• Positive Sentiment: The company introduced a lightweight closure designed to improve recyclability, providing a product-innovation and sustainability angle. Amcor’s new lightweight closure
• Negative Sentiment: Quarterly EPS of $0.95 came in just below the $0.96 consensus estimate. Deutsche Bank also downgraded Amcor from “buy” to “hold,” potentially limiting enthusiasm despite the revenue beat. Deutsche Bank stock recommendations

Amcor Company Profile

Amcor plc (NYSE: AMCR) is a global packaging company that develops and produces packaging solutions for food, beverage, pharmaceutical, medical, personal care, household, and other consumer and industrial products. Its offerings include flexible packaging, rigid containers, closures, bottles, specialty cartons, and related packaging systems designed to protect products, support supply chains, and improve convenience and sustainability.

The company serves customers across North America, Latin America, Europe, Asia-Pacific, and other international markets.