Brokerages Set Amcor plc (NYSE:AMCR) Target Price at $10.78

Amcor plc (NYSE:AMCR - Get Free Report) has received a consensus rating of "Hold" from the six research firms that are presently covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $10.78.

AMCR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on Amcor from $10.00 to $11.10 and gave the stock an "overweight" rating in a report on Tuesday, August 13th. Citigroup raised their price target on shares of Amcor from $10.00 to $11.00 and gave the stock a "neutral" rating in a report on Tuesday, August 20th. Stifel Nicolaus initiated coverage on shares of Amcor in a report on Tuesday, July 9th. They set a "hold" rating and a $10.80 price objective on the stock. Robert W. Baird increased their price objective on shares of Amcor from $10.00 to $11.00 and gave the stock a "neutral" rating in a research report on Friday, August 16th. Finally, Wells Fargo & Company boosted their target price on Amcor from $10.50 to $10.80 and gave the company an "equal weight" rating in a research report on Tuesday, October 15th.

Hedge Funds Weigh In On Amcor

Hedge funds have recently added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Amcor by 40.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 743,325 shares of the company's stock valued at $7,069,000 after purchasing an additional 214,458 shares in the last quarter. Empowered Funds LLC boosted its holdings in Amcor by 244.2% during the 1st quarter. Empowered Funds LLC now owns 103,655 shares of the company's stock worth $986,000 after acquiring an additional 73,541 shares during the last quarter. M&G Plc grew its stake in shares of Amcor by 2,741.7% in the 2nd quarter. M&G Plc now owns 47,164,358 shares of the company's stock worth $471,644,000 after acquiring an additional 45,504,608 shares in the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Amcor by 236.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 1,648,279 shares of the company's stock valued at $15,675,000 after purchasing an additional 1,157,878 shares during the last quarter. Finally, SteelPeak Wealth LLC purchased a new stake in shares of Amcor in the second quarter valued at about $781,000. Institutional investors and hedge funds own 45.14% of the company's stock.

Amcor Trading Up 1.2 %

Shares of NYSE:AMCR traded up $0.13 during trading on Wednesday, reaching $11.06. The stock had a trading volume of 6,752,838 shares, compared to its average volume of 8,766,158. Amcor has a 52 week low of $8.59 and a 52 week high of $11.48. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.69 and a current ratio of 1.17. The firm's fifty day moving average is $11.14 and its 200 day moving average is $10.38. The stock has a market cap of $15.99 billion, a price-to-earnings ratio of 24.29, a P/E/G ratio of 2.72 and a beta of 0.85.

Amcor (NYSE:AMCR - Get Free Report) last issued its quarterly earnings results on Thursday, August 15th. The company reported $0.21 earnings per share for the quarter, hitting analysts' consensus estimates of $0.21. The firm had revenue of $3.54 billion during the quarter, compared to the consensus estimate of $1.30 billion. Amcor had a return on equity of 25.45% and a net margin of 5.35%. The business's revenue was down 3.8% compared to the same quarter last year. During the same period last year, the business posted $0.19 EPS. As a group, equities analysts forecast that Amcor will post 0.75 EPS for the current fiscal year.

Amcor Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Friday, September 6th were issued a $0.125 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.52%. Amcor's dividend payout ratio is presently 111.11%.

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.