Wells Fargo & Company Initiates Coverage on Amcor (NYSE:AMCR)

Investment analysts at Wells Fargo & Company started coverage on shares of Amcor (NYSE:AMCR - Get Free Report) in a research note issued to investors on Thursday, MarketBeat Ratings reports. The firm set an "overweight" rating and a $10.00 price target on the stock. Wells Fargo & Company's price target suggests a potential upside of 10.38% from the company's previous close.

AMCR has been the subject of a number of other reports. Raymond James Financial assumed coverage on Amcor in a report on Tuesday, April 22nd. They issued a "market perform" rating for the company. UBS Group upgraded Amcor from a "neutral" rating to a "buy" rating in a report on Thursday. Finally, Truist Financial decreased their price target on Amcor from $12.00 to $11.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $11.20.

Amcor Stock Down 1.3%

Shares of AMCR opened at $9.06 on Thursday. Amcor has a one year low of $8.37 and a one year high of $11.48. The company has a market cap of $13.09 billion, a P/E ratio of 16.18, a P/E/G ratio of 2.55 and a beta of 0.73. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.70 and a quick ratio of 1.16. The firm has a 50 day simple moving average of $9.21 and a two-hundred day simple moving average of $9.54.

Amcor (NYSE:AMCR - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.18 EPS for the quarter, meeting the consensus estimate of $0.18. Amcor had a net margin of 5.99% and a return on equity of 26.49%. The business had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.51 billion. During the same period in the previous year, the business earned $0.13 earnings per share. The company's revenue was down 2.3% on a year-over-year basis. Research analysts forecast that Amcor will post 0.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Amcor

Several hedge funds have recently modified their holdings of the company. Strs Ohio bought a new position in shares of Amcor during the 1st quarter worth approximately $1,697,000. Ellsworth Advisors LLC bought a new stake in shares of Amcor in the first quarter valued at $779,000. Focus Partners Wealth raised its stake in shares of Amcor by 11.3% in the first quarter. Focus Partners Wealth now owns 43,137 shares of the company's stock valued at $418,000 after buying an additional 4,396 shares during the period. Bayforest Capital Ltd bought a new stake in shares of Amcor in the first quarter valued at $355,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Amcor by 16.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,746,344 shares of the company's stock valued at $84,840,000 after buying an additional 1,239,433 shares during the period. 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.