Amcor (NYSE:AMCR) Given New $51.00 Price Target at Bank of America

Amcor (NYSE:AMCR) had its target price raised by Bank of America from $48.00 to $51.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently weighed in on AMCR. Weiss Ratings upgraded Amcor from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Wells Fargo & Company set a $41.00 price objective on Amcor and gave the company an “equal weight” rating in a research note on Wednesday, May 20th. Citigroup cut their target price on shares of Amcor from $54.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Truist Financial reaffirmed a “buy” rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.33.

Amcor Price Performance

Amcor stock opened at $42.87 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30. Amcor has a 52-week low of $36.25 and a 52-week high of $50.94. The firm has a market cap of $19.82 billion, a PE ratio of 29.98, a price-to-earnings-growth ratio of 1.20 and a beta of 0.62. The company’s 50 day moving average is $40.40 and its two-hundred day moving average is $42.13.

Amcor (NYSE:AMCR) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, hitting the consensus estimate of $0.96. The business had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.71 billion. Amcor had a net margin of 3.06% and a return on equity of 14.55%. The company’s quarterly revenue was up 77.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 earnings per share. On average, research analysts expect that Amcor will post 3.97 EPS for the current fiscal year.

Amcor Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Thursday, May 28th were paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 6.1%. The ex-dividend date was Thursday, May 28th. Amcor’s dividend payout ratio (DPR) is currently 181.82%.

Hedge Funds Weigh In On Amcor

Large investors have recently bought and sold shares of the stock. Bangor Savings Bank acquired a new position in Amcor during the second quarter worth approximately $26,000. AdvisorNet Financial Inc acquired a new position in Amcor in the 1st quarter valued at about $25,000. Western Wealth Management LLC acquired a new position in shares of Amcor in the first quarter valued at approximately $27,000. Palladiem LLC purchased a new position in Amcor during the 1st quarter worth $34,000. Finally, Root Financial Partners LLC acquired a new stake in Amcor in the first quarter valued at about $41,000. Institutional investors and hedge funds own 45.14% of the company’s stock.

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.