Truist Financial Has Lowered Expectations for Amcor (NYSE:AMCR) Stock Price

Amcor (NYSE:AMCR - Free Report) had its price objective cut by Truist Financial from $12.00 to $11.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

AMCR has been the subject of several other reports. Jefferies Financial Group upgraded Amcor from a "hold" rating to a "buy" rating in a report on Monday, February 3rd. Citigroup raised shares of Amcor from a "neutral" rating to a "buy" rating and upped their price target for the stock from $11.00 to $12.00 in a research report on Monday, January 6th. Finally, Raymond James started coverage on Amcor in a report on Tuesday. They issued a "market perform" rating on the stock. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $11.31.

Amcor Trading Down 1.3 %

Shares of AMCR stock traded down $0.13 on Tuesday, reaching $9.54. 6,519,219 shares of the company's stock were exchanged, compared to its average volume of 26,431,100. The company's fifty day simple moving average is $9.68 and its 200 day simple moving average is $9.99. The stock has a market capitalization of $13.78 billion, a PE ratio of 17.34, a P/E/G ratio of 1.96 and a beta of 0.78. The company has a current ratio of 1.26, a quick ratio of 0.71 and a debt-to-equity ratio of 1.80. Amcor has a 52 week low of $8.37 and a 52 week high of $11.48.

Amcor (NYSE:AMCR - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.16 EPS for the quarter, hitting analysts' consensus estimates of $0.16. The firm had revenue of $3.24 billion for the quarter, compared to analysts' expectations of $3.33 billion. Amcor had a net margin of 5.89% and a return on equity of 26.14%. The business's revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the business posted $0.09 earnings per share. As a group, analysts forecast that Amcor will post 0.74 EPS for the current year.

Amcor Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Investors of record on Wednesday, February 26th were issued a dividend of $0.1275 per share. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $0.51 annualized dividend and a dividend yield of 5.35%. Amcor's dividend payout ratio (DPR) is presently 92.73%.

Insider Buying and Selling at Amcor

In other news, Director Achal Agarwal bought 10,000 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average cost of $10.10 per share, for a total transaction of $101,000.00. Following the purchase, the director now directly owns 88,967 shares in the company, valued at approximately $898,566.70. This trade represents a 12.66 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Amcor

A number of large investors have recently added to or reduced their stakes in the stock. Avidian Wealth Enterprises LLC acquired a new stake in Amcor during the 1st quarter worth $310,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in Amcor by 13.4% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,106,395 shares of the company's stock worth $39,832,000 after purchasing an additional 484,298 shares in the last quarter. Westend Capital Management LLC acquired a new position in shares of Amcor during the 1st quarter worth approximately $75,000. Allspring Global Investments Holdings LLC grew its position in shares of Amcor by 15.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 94,112 shares of the company's stock valued at $923,000 after purchasing an additional 12,679 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Amcor by 12.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,427,123 shares of the company's stock worth $13,757,000 after buying an additional 160,302 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors and hedge funds.

Amcor Company Profile

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.