Citigroup Upgrades Amcor (NYSE:AMCR) to Buy

Amcor (NYSE:AMCR) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Monday,Briefing.com Automated Import reports. The firm currently has a $12.00 target price on the stock, up from their previous target price of $11.00. Citigroup’s target price would suggest a potential upside of 28.62% from the stock’s previous close.

Several other research analysts also recently commented on AMCR. Macquarie raised Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. Truist Financial upgraded shares of Amcor from a “hold” rating to a “buy” rating and upped their price objective for the stock from $10.00 to $12.00 in a research report on Monday. Wells Fargo & Company upped their price target on shares of Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. UBS Group upgraded Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Finally, Bank of America raised Amcor from an “underperform” rating to a “buy” rating and set a $12.50 target price for the company in a report on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Amcor currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.46.

Amcor Trading Down 0.2 %

Shares of NYSE:AMCR opened at $9.33 on Monday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.29 and a quick ratio of 0.74. Amcor has a 1 year low of $8.78 and a 1 year high of $11.48. The company has a market capitalization of $13.49 billion, a P/E ratio of 17.60, a P/E/G ratio of 1.80 and a beta of 0.84. The business’s 50 day simple moving average is $10.09 and its 200 day simple moving average is $10.47.

Amcor (NYSE:AMCR) last released its earnings results on Thursday, October 31st. The company reported $0.16 EPS for the quarter, meeting the consensus estimate of $0.16. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the firm earned $0.16 EPS. The business’s quarterly revenue was down 2.6% compared to the same quarter last year. On average, research analysts anticipate that Amcor will post 0.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in AMCR. Larson Financial Group LLC lifted its position in shares of Amcor by 3,410.3% during the 3rd quarter. Larson Financial Group LLC now owns 2,387 shares of the company’s stock valued at $27,000 after acquiring an additional 2,319 shares during the period. Rise Advisors LLC bought a new stake in Amcor in the third quarter valued at $35,000. ORG Wealth Partners LLC acquired a new position in shares of Amcor during the third quarter valued at about $35,000. True Wealth Design LLC boosted its position in shares of Amcor by 3,794.1% during the 3rd quarter. True Wealth Design LLC now owns 3,310 shares of the company’s stock worth $38,000 after purchasing an additional 3,225 shares in the last quarter. Finally, Signaturefd LLC grew its stake in shares of Amcor by 296.3% in the 3rd quarter. Signaturefd LLC now owns 4,336 shares of the company’s stock valued at $49,000 after buying an additional 3,242 shares during the period. 45.14% of the stock is owned by institutional investors.

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.