Amcor (NYSE:AMCR) Upgraded by Truist Financial to “Buy” Rating

Truist Financial upgraded shares of Amcor (NYSE:AMCR) from a hold rating to a buy rating in a report issued on Monday morning, Marketbeat.com reports. The brokerage currently has $12.00 price target on the stock, up from their prior price target of $10.00.

A number of other brokerages also recently weighed in on AMCR. Macquarie raised shares of Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. Wells Fargo & Company increased their target price on shares of Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Bank of America upgraded shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price target on the stock in a research report on Wednesday, December 11th. Finally, UBS Group raised Amcor from a “hold” rating to a “strong-buy” rating 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $11.46.

Amcor Price Performance

NYSE AMCR opened at $9.43 on Monday. Amcor has a 12 month low of $8.78 and a 12 month high of $11.48. The firm has a market capitalization of $13.63 billion, a PE ratio of 17.79, a P/E/G ratio of 1.80 and a beta of 0.84. The company’s 50 day simple moving average is $10.06 and its 200 day simple moving average is $10.46. 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 (NYSE:AMCR) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.16 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.16. The company had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Amcor had a return on equity of 25.60% and a net margin of 5.68%. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period last year, the firm earned $0.16 EPS. As a group, equities research analysts forecast that Amcor will post 0.74 EPS for the current fiscal year.

Amcor Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 11th. Investors of record on Thursday, November 21st were paid a $0.1275 dividend. This is a positive change from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date was Thursday, November 21st. This represents a $0.51 dividend on an annualized basis and a yield of 5.41%. Amcor’s dividend payout ratio (DPR) is currently 96.23%.

Institutional Trading of Amcor

Large investors have recently added to or reduced their stakes in the company. Lake Street Advisors Group LLC grew its holdings in shares of Amcor by 8.4% during the third quarter. Lake Street Advisors Group LLC now owns 12,210 shares of the company’s stock valued at $138,000 after buying an additional 946 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in Amcor by 9.6% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 11,646 shares of the company’s stock valued at $132,000 after acquiring an additional 1,023 shares in the last quarter. Forum Financial Management LP grew its stake in Amcor by 7.7% during the 3rd quarter. Forum Financial Management LP now owns 14,761 shares of the company’s stock valued at $167,000 after acquiring an additional 1,058 shares in the last quarter. Prime Capital Investment Advisors LLC increased its holdings in shares of Amcor by 6.1% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 18,961 shares of the company’s stock valued at $215,000 after purchasing an additional 1,085 shares during the period. Finally, CWA Asset Management Group LLC lifted its position in shares of Amcor by 3.9% in the fourth quarter. CWA Asset Management Group LLC now owns 32,343 shares of the company’s stock worth $304,000 after purchasing an additional 1,213 shares in the last quarter. 45.14% of the stock is owned by institutional investors and hedge funds.

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.