Amcor (NYSE:AMCR) Stock Rating Upgraded by Truist Financial

Amcor (NYSE:AMCR) was upgraded by equities research analysts at Truist Financial from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, Marketbeat Ratings reports. The brokerage presently has a $12.00 price target on the stock, up from their previous price target of $10.00. Truist Financial’s price objective would indicate a potential upside of 26.18% from the company’s current price.

Several other analysts have also issued reports on the stock. Bank of America upgraded shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 target price for the company in a research report on Wednesday, December 11th. Macquarie upgraded Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. Wells Fargo & Company raised their target price on shares of Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Finally, UBS Group upgraded shares of Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Three research 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 target price of $11.46.

Amcor Trading Up 0.8 %

Shares of NYSE:AMCR opened at $9.51 on Monday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.29 and a quick ratio of 0.74. Amcor has a 1 year low of $8.78 and a 1 year high of $11.48. The company has a market cap of $13.75 billion, a P/E ratio of 17.94, a PEG ratio of 1.80 and a beta of 0.84. The stock’s fifty day moving average price is $10.03 and its 200-day moving average price is $10.46.

Amcor (NYSE:AMCR) last issued its earnings results on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. The company had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter last year, the company posted $0.16 earnings per share. Sell-side analysts expect that Amcor will post 0.74 earnings per share for the current year.

Institutional Investors Weigh In On Amcor

Several large investors have recently added to or reduced their stakes in AMCR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Amcor by 275.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,613,469 shares of the company’s stock valued at $74,931,000 after purchasing an additional 4,851,222 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Amcor by 39,411.0% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,811,600 shares of the company’s stock worth $31,855,000 after buying an additional 2,804,484 shares during the period. M&G PLC raised its stake in shares of Amcor by 5.9% in the third quarter. M&G PLC now owns 49,940,152 shares of the company’s stock valued at $549,342,000 after acquiring an additional 2,775,794 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Amcor by 356.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,930,317 shares of the company’s stock worth $28,659,000 after acquiring an additional 2,287,826 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake 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 purchasing an additional 1,960,308 shares during the period. 45.14% of the stock is owned by institutional investors.

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.