Truist Financial Issues Positive Forecast for Amcor (NYSE:AMCR) Stock Price

Amcor (NYSE:AMCR) had its price objective increased by Truist Financial from $11.00 to $12.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 41.29% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. started coverage on shares of Amcor in a research report on Friday, September 19th. They set an “overweight” rating and a $10.00 price target on the stock. The Goldman Sachs Group started coverage on shares of Amcor in a research note on Wednesday, September 10th. They issued a “buy” rating for the company. Stifel Nicolaus upgraded shares of Amcor from a “hold” rating to a “buy” rating and set a $10.20 price target on the stock in a research report on Friday, October 10th. Morgan Stanley restated an “overweight” rating and issued a $11.50 price target on shares of Amcor in a research note on Wednesday, November 12th. Finally, Wells Fargo & Company reduced their target price on shares of Amcor from $11.00 to $9.00 and set an “overweight” rating on the stock in a report on Wednesday, October 15th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.67.

Amcor Stock Up 0.4%

Shares of NYSE:AMCR opened at $8.49 on Tuesday. The firm’s 50-day simple moving average is $8.33 and its 200-day simple moving average is $8.64. Amcor has a fifty-two week low of $7.66 and a fifty-two week high of $10.45. The company has a quick ratio of 0.62, a current ratio of 1.04 and a debt-to-equity ratio of 1.09. The company has a market cap of $19.58 billion, a price-to-earnings ratio of 24.90, a PEG ratio of 0.83 and a beta of 0.68.

Shares of Amcor are scheduled to reverse split before the market opens on Thursday, January 15th. The 1-5 reverse split was announced on Thursday, December 11th. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, January 14th.

Amcor (NYSE:AMCR) last posted its earnings results on Wednesday, November 5th. The company reported $0.19 EPS for the quarter, meeting the consensus estimate of $0.19. Amcor had a return on equity of 17.35% and a net margin of 3.34%.The firm had revenue of $5.75 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same period last year, the firm earned $0.16 EPS. The firm’s revenue was up 71.3% compared to the same quarter last year. As a group, equities research analysts predict that Amcor will post 0.74 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Amcor by 61.8% in the 2nd quarter. Vanguard Group Inc. now owns 110,228,036 shares of the company’s stock worth $1,012,996,000 after purchasing an additional 42,122,135 shares during the last quarter. State Street Corp increased its position in Amcor by 41.4% during the second quarter. State Street Corp now owns 129,701,986 shares of the company’s stock worth $1,191,961,000 after buying an additional 37,982,310 shares during the last quarter. Norges Bank acquired a new stake in Amcor during the 2nd quarter worth approximately $328,839,000. Charles Schwab Investment Management Inc. raised its stake in Amcor by 62.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 80,770,303 shares of the company’s stock valued at $742,279,000 after purchasing an additional 30,938,660 shares in the last quarter. Finally, M&G PLC increased its holdings in shares of Amcor by 26.6% during the third quarter. M&G PLC now owns 108,333,984 shares of the company’s stock worth $866,672,000 after buying an additional 22,737,979 shares in the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

About Amcor

Amcor (NYSE: AMCR) is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company’s product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor’s packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.