Bank of America Issues Positive Forecast for Amcor (NYSE:AMCR) Stock Price

Key Points

• Bank of America raised its price target on Amcor from $48 to $51 and kept a buy rating, implying about 20.22% upside from the current share price.
• Other analysts remain mostly constructive on the stock, with ratings including multiple buys and a consensus view of Moderate Buy; the average price target stands at $48.33.
• Amcor recently reported earnings in line with expectations, posting $0.96 EPS and $5.91 billion in revenue, while the stock traded around $42.42 near its 200-day average.

Amcor (NYSE:AMCR - Get Free Report) had its price target upped by Bank of America from $48.00 to $51.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Bank of America's price target would indicate a potential upside of 20.22% from the company's current price.

Several other research firms also recently issued reports on AMCR. Wells Fargo & Company set a $41.00 price objective on shares of Amcor and gave the company an "equal weight" rating in a report on Wednesday, May 20th. Truist Financial restated a "buy" rating and set a $51.00 price target (up from $50.00) on shares of Amcor in a research note on Thursday, May 7th. Weiss Ratings raised shares of Amcor from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Citigroup cut their target price on Amcor from $54.00 to $47.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Amcor in a research report on Wednesday, April 1st. They set a "buy" rating and a $50.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $48.33.

Amcor Stock Down 0.0%

Shares of NYSE:AMCR traded down $0.01 on Tuesday, reaching $42.42. The company had a trading volume of 346,991 shares, compared to its average volume of 5,084,142. The firm has a market capitalization of $19.61 billion, a PE ratio of 29.61, a PEG ratio of 1.22 and a beta of 0.62. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30. Amcor has a 52-week low of $36.25 and a 52-week high of $50.94. The firm's 50 day simple moving average is $40.30 and its 200-day simple moving average is $42.12.

Amcor (NYSE:AMCR - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $0.96 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The company had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The firm's quarterly revenue was up 77.4% compared to the same quarter last year. As a group, analysts expect that Amcor will post 3.97 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 the business. AdvisorNet Financial Inc purchased a new position in shares of Amcor during the 1st quarter valued at approximately $25,000. Bangor Savings Bank acquired a new position in shares of Amcor during the 2nd quarter worth about $26,000. Western Wealth Management LLC acquired a new stake in Amcor in the 1st quarter worth about $27,000. DV Equities LLC purchased a new stake in Amcor during the 4th quarter worth approximately $27,000. Finally, Brown Lisle Cummings Inc. lifted its position in shares of Amcor by 137.9% in the fourth quarter. Brown Lisle Cummings Inc. now owns 3,450 shares of the company's stock valued at $29,000 after acquiring an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 45.14% of the company's stock.

Amcor Company Profile

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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