Amcor (NYSE:AMCR) Upgraded at Bank of America

Amcor (NYSE:AMCR) was upgraded by analysts at Bank of America from an “underperform” rating to a “buy” rating in a report issued on Wednesday, Marketbeat.com reports. The brokerage currently has a $12.50 price objective on the stock. Bank of America‘s price target would suggest a potential upside of 23.58% from the company’s current price.

AMCR has been the topic of a number of other research reports. Citigroup lifted their target price 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. Wells Fargo & Company increased their target price on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. JPMorgan Chase & Co. boosted their price target on Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a report on Tuesday, August 13th. Robert W. Baird increased their price objective on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Friday, August 16th. Finally, Macquarie upgraded shares of Amcor from a “neutral” rating to an “outperform” rating in a research report on Wednesday, November 27th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $11.20.

Amcor Trading Down 0.8 %

Shares of AMCR stock opened at $10.12 on Wednesday. The company has a current ratio of 1.29, a quick ratio of 0.74 and a debt-to-equity ratio of 1.80. Amcor has a 12-month low of $8.78 and a 12-month high of $11.48. The stock has a market capitalization of $14.62 billion, a P/E ratio of 19.09, a P/E/G ratio of 1.83 and a beta of 0.82. The firm’s 50 day moving average is $10.69 and its 200 day moving average is $10.52.

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

Institutional Trading of Amcor

Several hedge funds have recently made changes to their positions in the business. M&G PLC lifted its holdings in shares of Amcor by 5.9% in the 3rd quarter. M&G PLC now owns 49,940,152 shares of the company’s stock worth $549,342,000 after acquiring an additional 2,775,794 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Amcor by 4.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,190,458 shares of the company’s stock valued at $489,348,000 after acquiring an additional 1,960,308 shares during the period. Geode Capital Management LLC boosted its holdings in Amcor by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 36,317,037 shares of the company’s stock valued at $410,144,000 after acquiring an additional 697,320 shares during the period. ProShare Advisors LLC grew its position in Amcor by 7.8% in the 2nd quarter. ProShare Advisors LLC now owns 19,916,478 shares of the company’s stock valued at $194,783,000 after acquiring an additional 1,443,364 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Amcor by 11.6% in the second quarter. Dimensional Fund Advisors LP now owns 14,721,829 shares of the company’s stock worth $143,989,000 after purchasing an additional 1,527,492 shares during the period. 45.14% of the stock is currently owned by hedge funds and other 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.