Amcor (NYSE:AMCR) Price Target Raised to $10.50

Amcor (NYSE:AMCR) had its price target upped by Wells Fargo & Company from $9.80 to $10.50 in a research note published on Friday, Marketbeat reports. They currently have an equal weight rating on the stock.

A number of other research analysts also recently commented on the company. Robert W. Baird increased their price objective on Amcor from $10.00 to $11.00 and gave the company a neutral rating in a report on Friday. Stifel Nicolaus started coverage on Amcor in a report on Tuesday, July 9th. They issued a hold rating and a $10.80 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price objective on Amcor from $10.00 to $11.10 and gave the company an overweight rating in a report on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus price target of $10.68.

Amcor Stock Performance

NYSE AMCR opened at $10.45 on Friday. The stock’s fifty day moving average is $10.10 and its two-hundred day moving average is $9.69. The firm has a market capitalization of $15.10 billion, a P/E ratio of 23.22, a price-to-earnings-growth ratio of 4.64 and a beta of 0.86. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.75 and a current ratio of 1.29. Amcor has a fifty-two week low of $8.45 and a fifty-two week high of $10.91.

Amcor (NYSE:AMCR) last announced its quarterly earnings results on Thursday, August 15th. The company reported $0.21 EPS for the quarter, meeting the consensus estimate of $0.21. Amcor had a return on equity of 24.66% and a net margin of 4.75%. The business had revenue of $3.54 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the company posted $0.19 EPS. The company’s quarterly revenue was down 3.8% on a year-over-year basis. On average, research analysts anticipate that Amcor will post 0.7 earnings per share for the current year.

Amcor Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, September 6th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.50 dividend on an annualized basis and a yield of 4.78%. Amcor’s dividend payout ratio is presently 111.11%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in AMCR. Vanguard Group Inc. lifted its position in Amcor by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 56,749,318 shares of the company’s stock worth $539,686,000 after acquiring an additional 1,170,986 shares during the period. M&G Plc lifted its position in Amcor by 2,741.7% during the 2nd quarter. M&G Plc now owns 47,164,358 shares of the company’s stock worth $471,644,000 after acquiring an additional 45,504,608 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Amcor by 11.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,604,159 shares of the company’s stock worth $195,946,000 after acquiring an additional 2,086,698 shares during the period. ProShare Advisors LLC lifted its position in Amcor by 7.8% during the 2nd quarter. ProShare Advisors LLC now owns 19,916,478 shares of the company’s stock worth $194,783,000 after acquiring an additional 1,443,364 shares during the period. Finally, Wellington Management Group LLP acquired a new stake in Amcor during the 4th quarter worth approximately $155,438,000. Hedge funds and other institutional investors own 45.14% of the company’s stock.

About Amcor

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.