Amcor (NYSE:AMCR) Raised to Buy at Truist Financial

Amcor (NYSE:AMCR) was upgraded by Truist Financial from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The brokerage currently has a $12.00 price target on the stock, up from their prior price target of $10.00. Truist Financial’s price target would indicate a potential upside of 28.62% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Macquarie raised shares of Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. UBS Group upgraded shares of Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. 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 research report on Tuesday, October 15th. Finally, Bank of America upgraded Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price objective on the stock in a report on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $11.46.

Amcor Price Performance

NYSE:AMCR opened at $9.33 on Monday. The firm’s fifty day moving average is $10.09 and its two-hundred day moving average is $10.47. The firm has a market cap of $13.49 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 1.80 and a beta of 0.84. Amcor has a one year low of $8.78 and a one year high of $11.48. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.74 and a current ratio of 1.29.

Amcor (NYSE:AMCR) last posted its earnings results on Thursday, October 31st. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. Amcor had a return on equity of 25.60% and a net margin of 5.68%. 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 company earned $0.16 earnings per share. Amcor’s revenue for the quarter was down 2.6% compared to the same quarter last year. Research analysts expect that Amcor will post 0.74 EPS for the current year.

Institutional Trading of Amcor

Several large investors have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Amcor by 275.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,613,469 shares of the company’s stock worth $74,931,000 after buying an additional 4,851,222 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Amcor by 39,411.0% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,811,600 shares of the company’s stock valued at $31,855,000 after purchasing an additional 2,804,484 shares during the period. M&G PLC raised its position in Amcor by 5.9% in the third quarter. M&G PLC now owns 49,940,152 shares of the company’s stock valued at $549,342,000 after purchasing an additional 2,775,794 shares during the period. AQR Capital Management LLC lifted its stake in shares of Amcor by 356.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,930,317 shares of the company’s stock valued at $28,659,000 after purchasing an additional 2,287,826 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Amcor by 4.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 43,190,458 shares of the company’s stock worth $489,348,000 after purchasing an additional 1,960,308 shares during the last quarter. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

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.