Truist Financial Boosts Amcor (NYSE:AMCR) Price Target to $12.00

Amcor (NYSE:AMCR) had its target price hoisted by stock analysts at Truist Financial from $11.00 to $12.00 in a note issued to investors on Tuesday, Marketbeat.com reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 42.77% from the company’s previous close.

AMCR has been the subject of several other research reports. Weiss Ratings restated a “hold (c-)” rating on shares of Amcor in a research report on Wednesday, October 8th. Morgan Stanley reissued an “overweight” rating and set a $11.50 target price on shares of Amcor in a report on Wednesday, November 12th. Wells Fargo & Company decreased their target price on Amcor from $11.00 to $9.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 15th. JPMorgan Chase & Co. assumed coverage on Amcor in a research report on Friday, September 19th. They set an “overweight” rating and a $10.00 price target for the company. Finally, Stifel Nicolaus upgraded shares of Amcor from a “hold” rating to a “buy” rating and set a $10.20 price objective for the company in a report on Friday, October 10th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $10.67.

Amcor Price Performance

Shares of Amcor stock opened at $8.41 on Tuesday. The firm has a market cap of $19.38 billion, a PE ratio of 24.72, a P/E/G ratio of 0.99 and a beta of 0.68. The business has a 50-day moving average price of $8.34 and a 200 day moving average price of $8.63. The company has a quick ratio of 0.62, a current ratio of 1.04 and a debt-to-equity ratio of 1.09. Amcor has a twelve month low of $7.66 and a twelve month high of $10.45.

Amcor shares are scheduled to reverse split on Thursday, January 15th. The 1-5 reverse split was announced on Thursday, December 11th. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, January 14th.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.19 EPS for the quarter, hitting the consensus estimate of $0.19. The company had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.77 billion. Amcor had a net margin of 3.34% and a return on equity of 17.35%. The firm’s revenue was up 71.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.16 EPS. Sell-side analysts predict that Amcor will post 0.74 earnings per share for the current fiscal year.

Institutional Trading of Amcor

A number of institutional investors and hedge funds have recently bought and sold shares of AMCR. State Street Corp grew its stake in shares of Amcor by 7.2% in the third quarter. State Street Corp now owns 139,077,241 shares of the company’s stock worth $1,137,652,000 after acquiring an additional 9,375,255 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Amcor by 1.1% in the third quarter. Vanguard Group Inc. now owns 111,490,330 shares of the company’s stock valued at $911,991,000 after purchasing an additional 1,262,294 shares during the period. M&G PLC grew its stake in Amcor by 26.6% during the 3rd quarter. M&G PLC now owns 108,333,984 shares of the company’s stock worth $866,672,000 after purchasing an additional 22,737,979 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Amcor by 62.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 80,770,303 shares of the company’s stock worth $742,279,000 after purchasing an additional 30,938,660 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Amcor by 55.3% during the 2nd quarter. Geode Capital Management LLC now owns 58,845,923 shares of the company’s stock worth $538,551,000 after purchasing an additional 20,946,520 shares during the period. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Company Profile

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.