Amcor (NYSE:AMCR) Upgraded to Buy at Truist Financial

Amcor (NYSE:AMCR) was upgraded by investment analysts at Truist Financial from a “hold” rating to a “buy” rating in a note issued to investors on Monday, Marketbeat reports. The firm currently has a $12.00 price target on the stock, up from their previous price target of $10.00. Truist Financial’s price target points to a potential upside of 26.18% from the company’s current price.

Several other research firms also recently weighed in on AMCR. UBS Group upgraded Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 11th. Wells Fargo & Company boosted their price target on shares of Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Macquarie upgraded shares of Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. Finally, Bank of America raised shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price objective for the company in a research note on Wednesday, December 11th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.46.

Amcor Trading Up 0.8 %

NYSE AMCR opened at $9.51 on Monday. Amcor has a 12 month low of $8.78 and a 12 month high of $11.48. The company’s 50-day moving average price is $10.03 and its 200-day moving average price is $10.46. The stock has a market cap of $13.75 billion, a PE ratio of 17.94, a PEG ratio of 1.80 and a beta of 0.84. 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 (NYSE:AMCR) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.16 earnings per share 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 firm had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The company’s revenue was down 2.6% on a year-over-year basis. Equities research analysts forecast that Amcor will post 0.74 earnings per share for the current year.

Institutional Investors Weigh In On Amcor

Hedge funds have recently bought and sold shares of the stock. Larson Financial Group LLC boosted its holdings in Amcor by 3,410.3% in the 3rd quarter. Larson Financial Group LLC now owns 2,387 shares of the company’s stock worth $27,000 after buying an additional 2,319 shares during the last quarter. Rise Advisors LLC acquired a new position in Amcor in the 3rd quarter valued at $35,000. ORG Wealth Partners LLC purchased a new stake in shares of Amcor during the third quarter worth $35,000. True Wealth Design LLC raised its position in shares of Amcor by 3,794.1% in the third quarter. True Wealth Design LLC now owns 3,310 shares of the company’s stock valued at $38,000 after buying an additional 3,225 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Amcor by 296.3% in the third quarter. Signaturefd LLC now owns 4,336 shares of the company’s stock worth $49,000 after buying an additional 3,242 shares in the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

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.