Amcor (NYSE:AMCR) Price Target Increased to $10.80 by Analysts at Wells Fargo & Company

Amcor (NYSE:AMCR) had its price target increased by Wells Fargo & Company from $10.50 to $10.80 in a research report sent to investors on Tuesday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other analysts also recently issued reports on the company. Stifel Nicolaus began coverage on Amcor in a research note on Tuesday, July 9th. They issued a hold rating and a $10.80 price objective on the stock. Citigroup lifted their price objective on Amcor from $10.00 to $11.00 and gave the stock a neutral rating in a research note on Tuesday, August 20th. 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 note on Friday, August 16th. Finally, JPMorgan Chase & Co. lifted their price objective on Amcor from $10.00 to $11.10 and gave the stock an overweight rating in a research note on Tuesday, August 13th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $10.78.

Amcor Stock Up 0.3 %

Shares of AMCR opened at $11.37 on Tuesday. The business’s 50 day moving average is $11.05 and its 200 day moving average is $10.25. The company has a market capitalization of $16.43 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 2.72 and a beta of 0.85. Amcor has a 12-month low of $8.45 and a 12-month high of $11.48. The company has a current ratio of 1.17, a quick ratio of 0.69 and a debt-to-equity ratio of 1.67.

Amcor (NYSE:AMCR) last released its quarterly earnings data on Thursday, August 15th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. Amcor had a return on equity of 25.45% and a net margin of 5.35%. The business had revenue of $3.54 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the company posted $0.19 EPS. The company’s revenue was down 3.8% compared to the same quarter last year. Research analysts expect that Amcor will post 0.75 earnings per share for the current fiscal year.

Amcor Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Friday, September 6th were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend was Friday, September 6th. Amcor’s dividend payout ratio (DPR) is 111.11%.

Hedge Funds Weigh In On Amcor

A number of institutional investors and hedge funds have recently modified their holdings of AMCR. M&G Plc boosted its holdings 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 purchasing an additional 45,504,608 shares during the period. Wellington Management Group LLP purchased a new position in Amcor during the 4th quarter valued at $155,438,000. AQR Capital Management LLC boosted its holdings in Amcor by 356.1% during the 2nd quarter. AQR Capital Management LLC now owns 2,930,317 shares of the company’s stock valued at $28,659,000 after acquiring an additional 2,287,826 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Amcor by 11.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,604,159 shares of the company’s stock worth $195,946,000 after buying an additional 2,086,698 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Amcor by 11.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 14,721,829 shares of the company’s stock worth $143,989,000 after buying an additional 1,527,492 shares during the period. Hedge funds and other institutional investors own 45.14% of the company’s stock.

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.