Amcor (NYSE:AMCR) Stock Price Target Raised at Truist Financial

Key Points

• Truist raised its Amcor price target from $51 to $53 and maintained a “buy” rating, implying 16.23% upside from the prior close.
• Amcor reported quarterly revenue of $6.13 billion, ahead of the $5.75 billion consensus, while EPS of $0.95 narrowly missed the $0.96 estimate. The company also raised its quarterly dividend 1.5% to $0.66 per share.
• Amcor shares fell 6% to $45.60 on Thursday. Analyst views were mixed, with Deutsche Bank downgrading the stock to “hold”; the consensus rating was “Moderate Buy” with a $49.54 target.

Amcor (NYSE:AMCR - Get Free Report) had its price target increased by investment analysts at Truist Financial from $51.00 to $53.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price target points to a potential upside of 16.23% from the stock's previous close.

Several other equities research analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft lowered shares of Amcor from a "buy" rating to a "hold" rating in a report on Thursday. JPMorgan Chase & Co. downgraded shares of Amcor from an "overweight" rating to a "neutral" rating and lifted their target price for the stock from $44.00 to $47.00 in a research note on Monday, August 17th. BMO Capital Markets assumed coverage on Amcor in a research note on Thursday, July 16th. They set a "market perform" rating and a $47.00 price objective on the stock. Bank of America upped their price target on Amcor from $48.00 to $51.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Finally, Jefferies Financial Group set a $44.92 price target on Amcor and gave the stock a "hold" rating in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.54.

Amcor Stock Down 6.0%

Shares of NYSE:AMCR traded down $2.90 during midday trading on Thursday, hitting $45.60. 1,162,695 shares of the stock were exchanged, compared to its average volume of 4,509,021. The business's fifty day simple moving average is $44.05 and its two-hundred day simple moving average is $43.13. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.76 and a current ratio of 1.25. Amcor has a 52-week low of $36.25 and a 52-week high of $50.94. The company has a market capitalization of $21.08 billion, a PE ratio of 19.25, a P/E/G ratio of 2.94 and a beta of 0.56.

Amcor (NYSE:AMCR - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.95 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.01). Amcor had a net margin of 4.71% and a return on equity of 15.92%. The company had revenue of $6.13 billion during the quarter, compared to analyst estimates of $5.75 billion. During the same period in the prior year, the firm earned $0.11 EPS. As a group, research analysts predict that Amcor will post 1.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Amcor

A number of large investors have recently bought and sold shares of AMCR. M&G PLC acquired a new position in Amcor in the 3rd quarter valued at about $1,109,726,000. Bank of New York Mellon Corp acquired a new position in Amcor in the second quarter valued at $90,556,000. Rubric Capital Management LP acquired a new stake in shares of Amcor during the first quarter worth $50,458,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Amcor by 2.0% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,162,944 shares of the company's stock valued at $48,681,000 after buying an additional 22,471 shares in the last quarter. Finally, Ancora Advisors LLC acquired a new stake in shares of Amcor during the 2nd quarter valued at approximately $39,470,000. Hedge funds and other institutional investors own 45.14% of the company's stock.

Key Headlines Impacting Amcor

Here are the key news stories impacting Amcor this week:

• Positive Sentiment: Amcor reported first-quarter revenue of $6.13 billion, above analysts’ $5.75 billion estimate. It also raised its quarterly dividend 1.5%, to $0.66 per share, equivalent to a 5.4% annualized yield. Amcor reports quarterly results
• Positive Sentiment: The company introduced a lightweight closure designed to improve recyclability, providing a product-innovation and sustainability angle. Amcor’s new lightweight closure
• Negative Sentiment: Quarterly EPS of $0.95 came in just below the $0.96 consensus estimate. Deutsche Bank also downgraded Amcor from “buy” to “hold,” potentially limiting enthusiasm despite the revenue beat. Deutsche Bank stock recommendations

Amcor Company Profile

Amcor plc NYSE: AMCR is a global packaging company that develops and produces packaging solutions for food, beverage, pharmaceutical, medical, personal care, household, and other consumer and industrial products. Its offerings include flexible packaging, rigid containers, closures, bottles, specialty cartons, and related packaging systems designed to protect products, support supply chains, and improve convenience and sustainability.

The company serves customers across North America, Latin America, Europe, Asia-Pacific, and other international markets.

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