Amcor (NYSE:AMCR) Upgraded by Macquarie to "Outperform" Rating

Amcor (NYSE:AMCR - Get Free Report) was upgraded by equities researchers at Macquarie from a "neutral" rating to an "outperform" rating in a report released on Wednesday,Briefing.com Automated Import reports.

Several other research firms have also weighed in on AMCR. Wells Fargo & Company raised their price objective on shares of Amcor from $10.50 to $10.80 and gave the stock an "equal weight" rating in a report on Tuesday, October 15th. Robert W. Baird lifted their price objective on Amcor from $10.00 to $11.00 and gave the stock a "neutral" rating in a research report on Friday, August 16th. JPMorgan Chase & Co. raised their target price on shares of Amcor from $10.00 to $11.10 and gave the company an "overweight" rating in a research note on Tuesday, August 13th. Finally, Citigroup raised their price objective on shares of Amcor from $10.00 to $11.00 and gave the company a "neutral" rating in a research note on Tuesday, August 20th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $10.94.

Amcor Stock Performance

AMCR opened at $10.56 on Wednesday. The stock has a market cap of $15.26 billion, a PE ratio of 19.60, a P/E/G ratio of 1.89 and a beta of 0.85. Amcor has a 1 year low of $8.78 and a 1 year high of $11.48. The stock's 50 day simple moving average is $10.83 and its 200-day simple moving average is $10.51. 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 - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.16. The company had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The business's revenue was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.16 EPS. Sell-side analysts forecast that Amcor will post 0.74 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Tidal Investments LLC increased its position in shares of Amcor by 292.5% during the 3rd quarter. Tidal Investments LLC now owns 81,439 shares of the company's stock worth $923,000 after purchasing an additional 60,691 shares during the last quarter. Sanctuary Advisors LLC grew its stake in shares of Amcor by 7.2% in the third quarter. Sanctuary Advisors LLC now owns 53,132 shares of the company's stock valued at $557,000 after buying an additional 3,559 shares in the last quarter. Virtu Financial LLC acquired a new position in Amcor during the third quarter worth $372,000. TCW Group Inc. acquired a new position in Amcor during the third quarter worth $224,000. Finally, Coldstream Capital Management Inc. raised its position in Amcor by 40.5% during the third quarter. Coldstream Capital Management Inc. now owns 26,824 shares of the company's stock worth $294,000 after acquiring an additional 7,729 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.

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