Truist Financial upgraded shares of Amcor (NYSE:AMCR - Free Report) from a hold rating to a buy rating in a research note published on Monday morning, Marketbeat Ratings reports. The firm currently has $12.00 target price on the stock, up from their previous target price of $10.00.
Several other brokerages also recently commented on AMCR. Macquarie upgraded shares of Amcor from a "neutral" rating to an "outperform" rating in a report on Wednesday, November 27th. UBS Group upgraded shares of Amcor from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, December 11th. Wells Fargo & Company increased their price target on shares of Amcor from $10.50 to $10.80 and gave the company an "equal weight" rating in a research report on Tuesday, October 15th. Finally, Bank of America upgraded shares of Amcor from an "underperform" rating to a "buy" rating and set a $12.50 price target for the company in a research report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Amcor currently has an average rating of "Moderate Buy" and an average price target of $11.46.
Check Out Our Latest Report on Amcor
Amcor Stock Up 1.1 %
Shares of AMCR stock traded up $0.10 on Monday, hitting $9.43. The stock had a trading volume of 20,666,741 shares, compared to its average volume of 14,783,412. The business has a 50 day moving average of $10.06 and a 200 day moving average of $10.46. The stock has a market cap of $13.63 billion, a price-to-earnings ratio of 17.79, a price-to-earnings-growth ratio of 1.80 and a beta of 0.84. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.29 and a quick ratio of 0.74. Amcor has a 12-month low of $8.78 and a 12-month high of $11.48.
Amcor (NYSE:AMCR - Get Free Report) last announced its earnings results on Thursday, October 31st. The company reported $0.16 EPS for the quarter, meeting the consensus estimate of $0.16. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The firm's revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.16 earnings per share. As a group, analysts expect that Amcor will post 0.74 EPS for the current year.
Amcor Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st were given a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a yield of 5.41%. The ex-dividend date of this dividend was Thursday, November 21st. This is a positive change from Amcor's previous quarterly dividend of $0.13. Amcor's dividend payout ratio (DPR) is currently 96.23%.
Hedge Funds Weigh In On Amcor
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lake Street Advisors Group LLC boosted its position in Amcor by 8.4% during the third quarter. Lake Street Advisors Group LLC now owns 12,210 shares of the company's stock worth $138,000 after purchasing an additional 946 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Amcor by 9.6% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 11,646 shares of the company's stock valued at $132,000 after acquiring an additional 1,023 shares during the period. Forum Financial Management LP boosted its position in shares of Amcor by 7.7% in the third quarter. Forum Financial Management LP now owns 14,761 shares of the company's stock valued at $167,000 after acquiring an additional 1,058 shares during the period. Prime Capital Investment Advisors LLC boosted its position in shares of Amcor by 6.1% in the third quarter. Prime Capital Investment Advisors LLC now owns 18,961 shares of the company's stock valued at $215,000 after acquiring an additional 1,085 shares during the period. Finally, CWA Asset Management Group LLC boosted its position in shares of Amcor by 3.9% in the fourth quarter. CWA Asset Management Group LLC now owns 32,343 shares of the company's stock valued at $304,000 after acquiring an additional 1,213 shares during the period. Institutional investors own 45.14% of the company's stock.
About Amcor
(
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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.
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