Amcor (NYSE:AMCR) Price Target Raised to $44.00 at Wells Fargo & Company

Key Points

• Wells Fargo raised Amcor’s price target from $43 to $44 while maintaining an “equal weight” rating, implying 4.46% downside from the prior close.
• Amcor reported quarterly EPS of $1.23, exceeding the $1.19 consensus estimate, while revenue reached $6.40 billion, up 25.9% year over year and above expectations.
• Despite the cautious Wells Fargo view, analysts collectively rate Amcor “Moderate Buy,” with a consensus price target of $48.83; the stock closed at $46.05 after falling 0.7%.

Amcor (NYSE:AMCR - Get Free Report) had its target price lifted by analysts at Wells Fargo & Company from $43.00 to $44.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's target price would suggest a potential downside of 4.46% from the company's previous close.

Several other analysts have also issued reports on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Amcor in a research report on Friday, August 7th. Citigroup reaffirmed a "buy" rating on shares of Amcor in a report on Friday. Bank of America raised their target price on shares of Amcor from $48.00 to $51.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Truist Financial reiterated a "buy" rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a report on Thursday, May 7th. Finally, UBS Group initiated coverage on Amcor in a report on Tuesday. They set a "buy" rating and a $56.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Amcor currently has an average rating of "Moderate Buy" and a consensus price target of $48.83.

Amcor Stock Down 0.7%

AMCR traded down $0.33 during trading hours on Friday, hitting $46.05. 585,582 shares of the company's stock were exchanged, compared to its average volume of 4,915,740. Amcor has a 1-year low of $36.25 and a 1-year high of $50.94. The stock's 50-day moving average is $43.41 and its two-hundred day moving average is $42.60. The stock has a market cap of $21.29 billion, a price-to-earnings ratio of 19.52, a PEG ratio of 1.46 and a beta of 0.62. The company has a quick ratio of 0.95, a current ratio of 1.44 and a debt-to-equity ratio of 1.30.

Amcor (NYSE:AMCR - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.19 by $0.04. Amcor had a net margin of 4.71% and a return on equity of 15.96%. The company had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.05 billion. During the same period in the prior year, the business posted $0.20 EPS. The company's quarterly revenue was up 25.9% on a year-over-year basis. Sell-side analysts predict that Amcor will post 4.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Amcor

Several large investors have recently modified their holdings of the business. AdvisorNet Financial Inc acquired a new stake in Amcor in the first quarter valued at $25,000. Bangor Savings Bank bought a new stake in Amcor in the second quarter valued at approximately $26,000. Western Wealth Management LLC bought a new position in Amcor during the 1st quarter worth approximately $27,000. DV Equities LLC acquired a new position in shares of Amcor in the 4th quarter worth approximately $27,000. Finally, Larson Financial Group LLC grew its holdings in Amcor by 46.1% in the fourth quarter. Larson Financial Group LLC now owns 3,985 shares of the company's stock worth $33,000 after purchasing an additional 1,257 shares during the period. Institutional investors own 45.14% of the company's stock.

About Amcor

Amcor NYSE: AMCR is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company's product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor's packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.

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