Bank of America Upgrades Amcor (NYSE:AMCR) to “Buy”

Amcor (NYSE:AMCR) was upgraded by Bank of America from an “underperform” rating to a “buy” rating in a report released on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $12.50 price target on the stock. Bank of America‘s price target indicates a potential upside of 23.58% from the stock’s current price.

Several other research firms have also recently weighed in on AMCR. Citigroup increased their price objective on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. 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 research report on Tuesday, August 13th. Robert W. Baird raised their target price 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. Macquarie upgraded shares of Amcor from a “neutral” rating to an “outperform” rating in a research report on Wednesday, November 27th. Finally, Wells Fargo & Company raised their price objective on shares of Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $11.20.

Amcor Stock Down 0.8 %

Shares of NYSE AMCR opened at $10.12 on Wednesday. The company has a market cap of $14.62 billion, a price-to-earnings ratio of 19.09, a PEG ratio of 1.83 and a beta of 0.82. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 1.80. The firm’s fifty day moving average is $10.69 and its 200 day moving average is $10.52. Amcor has a 52 week low of $8.78 and a 52 week high of $11.48.

Amcor (NYSE:AMCR) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.16. The firm 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 company’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.16 earnings per share. On average, equities research analysts expect that Amcor will post 0.74 earnings per share for the current year.

Institutional Trading of Amcor

A number of hedge funds have recently made changes to their positions in AMCR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Amcor by 275.3% in 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 worth $74,931,000 after purchasing an additional 4,851,222 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Amcor by 39,411.0% in 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 in the last quarter. M&G PLC lifted 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 worth $549,342,000 after buying an additional 2,775,794 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Amcor by 356.1% during the second quarter. AQR Capital Management LLC now owns 2,930,317 shares of the company’s stock valued at $28,659,000 after acquiring an additional 2,287,826 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Amcor by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,190,458 shares of the company’s stock worth $489,348,000 after acquiring an additional 1,960,308 shares during the last quarter. 45.14% of the stock is owned by institutional investors.

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.