Wells Fargo & Company Forecasts Strong Price Appreciation for Amcor (NYSE:AMCR) Stock

Amcor (NYSE:AMCR - Free Report) had its price target raised by Wells Fargo & Company from $10.00 to $11.00 in a research note published on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities analysts have also recently issued reports on AMCR. Raymond James Financial began coverage on shares of Amcor in a research report on Tuesday, April 22nd. They set a "market perform" rating on the stock. UBS Group raised shares of Amcor from a "neutral" rating to a "buy" rating in a research report on Thursday, June 26th. Truist Financial set a $11.00 price target on shares of Amcor and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, Jefferies Financial Group started coverage on shares of Amcor in a research report on Wednesday, July 2nd. They issued a "buy" rating and a $12.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $11.51.

Amcor Stock Performance

Amcor stock traded up $0.01 during midday trading on Friday, reaching $9.52. 20,781,263 shares of the company's stock were exchanged, compared to its average volume of 21,256,978. Amcor has a 52 week low of $8.37 and a 52 week high of $11.48. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.16 and a current ratio of 1.70. The firm has a market cap of $13.76 billion, a price-to-earnings ratio of 17.00, a P/E/G ratio of 1.22 and a beta of 0.73. The stock's 50-day simple moving average is $9.28 and its 200 day simple moving average is $9.53.

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

Amcor Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Thursday, May 22nd were issued a $0.1275 dividend. This represents a $0.51 annualized dividend and a yield of 5.36%. The ex-dividend date was Thursday, May 22nd. Amcor's payout ratio is 91.07%.

Institutional Trading of Amcor

A number of hedge funds have recently made changes to their positions in AMCR. AdvisorNet Financial Inc raised its position in Amcor by 839.8% in the 2nd quarter. AdvisorNet Financial Inc now owns 3,026 shares of the company's stock worth $28,000 after purchasing an additional 2,704 shares during the period. Rakuten Securities Inc. raised its position in Amcor by 18,725.0% in the 1st quarter. Rakuten Securities Inc. now owns 3,012 shares of the company's stock worth $29,000 after purchasing an additional 2,996 shares during the period. Adirondack Trust Co. purchased a new position in Amcor in the 2nd quarter worth $29,000. HM Payson & Co. purchased a new position in Amcor in the 1st quarter worth $30,000. Finally, Brentview Investment Management LLC purchased a new position in Amcor in the 1st quarter worth $31,000. 45.14% of the stock is owned by 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.