Amcor (NYSE:AMCR) Coverage Initiated by Analysts at Wells Fargo & Company

Equities research analysts at Wells Fargo & Company started coverage on shares of Amcor (NYSE:AMCR - Get Free Report) in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The brokerage set an "overweight" rating and a $10.00 price target on the stock. Wells Fargo & Company's price objective indicates a potential upside of 8.64% from the company's current price.

A number of other brokerages have also issued reports on AMCR. Raymond James Financial began coverage on shares of Amcor in a research note on Tuesday, April 22nd. They set a "market perform" rating for the company. Truist Financial decreased their target price on shares of Amcor from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, UBS Group raised shares of Amcor from a "neutral" rating to a "buy" rating in a research note on Thursday. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, Amcor presently has an average rating of "Moderate Buy" and an average target price of $11.20.

Amcor Trading Down 0.1%

Shares of AMCR stock traded down $0.01 during trading hours on Thursday, reaching $9.21. 20,231,409 shares of the stock traded hands, compared to its average volume of 20,629,953. Amcor has a 1-year low of $8.37 and a 1-year high of $11.48. The business has a fifty day moving average price of $9.21 and a 200 day moving average price of $9.52. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 2.24. The firm has a market capitalization of $13.30 billion, a PE ratio of 16.44, a PEG ratio of 2.55 and a beta of 0.74.

Amcor (NYSE:AMCR - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $3.51 billion. During the same quarter in the previous year, the business earned $0.13 earnings per share. The firm's revenue was down 2.3% compared to the same quarter last year. On average, equities research analysts forecast that Amcor will post 0.74 EPS for the current year.

Institutional Trading of Amcor

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in shares of Amcor by 15.5% in the 1st quarter. Vanguard Group Inc. now owns 68,105,901 shares of the company's stock valued at $660,627,000 after buying an additional 9,119,308 shares in the last quarter. Marshall Wace LLP increased its position in shares of Amcor by 303.9% during the 4th quarter. Marshall Wace LLP now owns 8,699,610 shares of the company's stock worth $81,863,000 after purchasing an additional 6,545,689 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Amcor by 25.1% during the 4th quarter. Wellington Management Group LLP now owns 27,971,885 shares of the company's stock worth $263,215,000 after purchasing an additional 5,614,233 shares in the last quarter. First Trust Advisors LP increased its position in shares of Amcor by 474.7% during the 4th quarter. First Trust Advisors LP now owns 5,402,490 shares of the company's stock worth $50,837,000 after purchasing an additional 4,462,367 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Amcor by 16.0% during the 4th quarter. Invesco Ltd. now owns 30,425,121 shares of the company's stock worth $286,300,000 after purchasing an additional 4,199,209 shares in the last quarter. 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.