Amcor (NYSE:AMCR) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Amcor (NYSE:AMCR) had its price target lifted by Wells Fargo & Company from $10.00 to $11.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts have also recently issued reports about the company. Jefferies Financial Group began coverage on Amcor in a research report on Wednesday, July 2nd. They issued a “buy” rating and a $12.00 price objective for the company. Truist Financial set a $11.00 price target on Amcor and gave the company a “buy” rating in a research note on Friday, July 11th. UBS Group upgraded Amcor from a “neutral” rating to a “buy” rating in a research note on Thursday, June 26th. Finally, Raymond James Financial began coverage on Amcor in a research note on Tuesday, April 22nd. They issued a “market perform” rating for the company. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.51.

Amcor Stock Performance

Shares of NYSE:AMCR traded up $0.01 during trading on Friday, hitting $9.52. 20,781,263 shares of the stock were exchanged, compared to its average volume of 21,292,082. The company’s fifty day simple moving average is $9.28 and its 200-day simple moving average is $9.53. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.16 and a current ratio of 1.70. The company has a market capitalization of $13.76 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 1.22 and a beta of 0.73. Amcor has a 1-year low of $8.37 and a 1-year high of $11.48.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. The business had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.51 billion. Amcor had a return on equity of 26.49% and a net margin of 5.99%. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.13 earnings per share. Sell-side analysts expect that Amcor will post 0.74 EPS for the current fiscal year.

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Thursday, May 22nd were issued a $0.1275 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.36%. Amcor’s dividend payout ratio is presently 91.07%.

Institutional Trading of Amcor

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Amcor by 15.5% in the first quarter. Vanguard Group Inc. now owns 68,105,901 shares of the company’s stock valued at $660,627,000 after purchasing an additional 9,119,308 shares in the last quarter. Marshall Wace LLP grew its position in shares of Amcor by 303.9% in the fourth quarter. Marshall Wace LLP now owns 8,699,610 shares of the company’s stock valued at $81,863,000 after purchasing an additional 6,545,689 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Amcor by 25.1% in the fourth quarter. Wellington Management Group LLP now owns 27,971,885 shares of the company’s stock valued at $263,215,000 after purchasing an additional 5,614,233 shares in the last quarter. First Trust Advisors LP grew its position in shares of Amcor by 474.7% in the fourth quarter. First Trust Advisors LP now owns 5,402,490 shares of the company’s stock valued at $50,837,000 after purchasing an additional 4,462,367 shares in the last quarter. Finally, Invesco Ltd. grew its position in Amcor by 16.0% during the fourth quarter. Invesco Ltd. now owns 30,425,121 shares of the company’s stock worth $286,300,000 after buying an additional 4,199,209 shares in the last quarter. 45.14% of the stock is currently 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.