Amcor (NYSE:AMCR) Upgraded by Macquarie to Outperform Rating

Macquarie upgraded shares of Amcor (NYSE:AMCR) from a neutral rating to an outperform rating in a research note published on Wednesday, Marketbeat reports.

AMCR has been the topic of several other research reports. Wells Fargo & Company upped their price objective on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Robert W. Baird increased their target price on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a report on Friday, August 16th. Citigroup increased their price objective on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, JPMorgan Chase & Co. raised their target price on shares of Amcor from $10.00 to $11.10 and gave the company an “overweight” rating in a research note on Tuesday, August 13th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Amcor has a consensus rating of “Hold” and a consensus price target of $10.94.

Amcor Price Performance

NYSE AMCR opened at $10.50 on Wednesday. Amcor has a fifty-two week low of $8.78 and a fifty-two week high of $11.48. The stock’s 50-day moving average is $10.82 and its two-hundred day moving average is $10.51. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.29 and a quick ratio of 0.74. The firm has a market cap of $15.17 billion, a P/E ratio of 19.80, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85.

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

Amcor Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Thursday, November 21st will be issued a $0.1275 dividend. This is a positive change from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.51 annualized dividend and a yield of 4.86%. Amcor’s payout ratio is presently 96.23%.

Institutional Investors Weigh In On Amcor

Hedge funds and other institutional investors have recently bought and sold shares of the stock. M&G Plc grew its position in Amcor by 2,741.7% in the 2nd quarter. M&G Plc now owns 47,164,358 shares of the company’s stock worth $471,644,000 after purchasing an additional 45,504,608 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Amcor by 275.3% in the third 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 acquiring an additional 4,851,222 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Amcor by 39,411.0% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,811,600 shares of the company’s stock valued at $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% during the 3rd quarter. M&G PLC now owns 49,940,152 shares of the company’s stock valued at $549,342,000 after buying an additional 2,775,794 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Amcor by 356.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,930,317 shares of the company’s stock valued at $28,659,000 after buying an additional 2,287,826 shares in 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.