Amcor (NYSE:AMCR) Sees Large Volume Increase – Time to Buy?

Amcor plc (NYSE:AMCR) shares saw strong trading volume on Tuesday . 20,120,566 shares traded hands during trading, an increase of 127% from the previous session’s volume of 8,850,853 shares.The stock last traded at $9.85 and had previously closed at $10.15.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AMCR. JPMorgan Chase & Co. boosted their price objective on shares of Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a report on Tuesday, August 13th. Citigroup boosted their price target on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Robert W. Baird increased their price objective on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Finally, Wells Fargo & Company boosted their target price on Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Amcor presently has a consensus rating of “Hold” and an average price target of $10.94.

Amcor Trading Up 2.5 %

The company’s 50 day moving average price is $10.87 and its 200 day moving average price is $10.50. The firm has a market cap of $15.13 billion, a PE ratio of 19.50, a price-to-earnings-growth ratio of 1.78 and a beta of 0.85. 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 (NYSE:AMCR) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.16 EPS for the quarter, meeting the consensus estimate of $0.16. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The company had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the company posted $0.16 EPS. The firm’s revenue was down 2.6% compared to the same quarter last year. As a group, analysts forecast that Amcor plc will post 0.74 EPS for the current fiscal year.

Amcor Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st will be given a $0.1275 dividend. The ex-dividend date is Thursday, November 21st. This represents a $0.51 dividend on an annualized basis and a yield of 4.87%. This is a positive change from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio (DPR) is currently 94.34%.

Institutional Investors Weigh In On Amcor

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Larson Financial Group LLC raised its stake in Amcor by 3,410.3% in the third quarter. Larson Financial Group LLC now owns 2,387 shares of the company’s stock valued at $27,000 after buying an additional 2,319 shares in the last quarter. Rise Advisors LLC acquired a new stake in shares of Amcor during the 3rd quarter worth about $35,000. ORG Wealth Partners LLC purchased a new stake in Amcor during the third quarter worth approximately $35,000. Quent Capital LLC boosted its stake in Amcor by 51.8% in the second quarter. Quent Capital LLC now owns 3,638 shares of the company’s stock valued at $36,000 after acquiring an additional 1,241 shares in the last quarter. Finally, True Wealth Design LLC grew its position in shares of Amcor by 3,794.1% during the third quarter. True Wealth Design LLC now owns 3,310 shares of the company’s stock worth $38,000 after acquiring an additional 3,225 shares during the last quarter. 45.14% of the stock is currently 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.