Amcor (NYSE:AMCR) Upgraded at BMO Capital Markets

Amcor (NYSE:AMCR) was upgraded by investment analysts at BMO Capital Markets to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. Bank of America increased their price objective on shares of Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday. Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Truist Financial restated a “buy” rating and set a $51.00 target price (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 price target for the company. Finally, JPMorgan Chase & Co. cut their price target on Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.40.

Amcor Price Performance

Amcor stock opened at $43.96 on Thursday. Amcor has a 52-week low of $36.25 and a 52-week high of $50.94. The firm has a market capitalization of $20.32 billion, a price-to-earnings ratio of 30.74, a PEG ratio of 1.41 and a beta of 0.62. The company has a fifty day simple moving average of $40.65 and a 200-day simple moving average of $42.18. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30.

Amcor (NYSE:AMCR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share for the quarter, hitting the consensus estimate of $0.96. The firm had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.71 billion. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The company’s revenue for the quarter was up 77.4% on a year-over-year basis. During the same period last year, the firm posted $0.90 earnings per share. On average, equities analysts anticipate that Amcor will post 3.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Amcor

A number of institutional investors have recently bought and sold shares of AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Amcor by 8.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock valued at $2,596,000 after buying an additional 20,757 shares during the period. Focus Partners Wealth grew its position in Amcor by 11.3% in the first quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock worth $418,000 after acquiring an additional 4,396 shares during the period. Sivia Capital Partners LLC acquired a new stake in Amcor during the second quarter worth $138,000. Arrowstreet Capital Limited Partnership acquired a new stake in Amcor during the second quarter worth $6,426,000. Finally, CW Advisors LLC purchased a new stake in Amcor in the second quarter valued at $228,000. 45.14% of the stock is owned by hedge funds and other institutional investors.

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.