JPMorgan Chase & Co. Raises Amcor (NYSE:AMCR) Price Target to $10.00

Amcor (NYSE:AMCR - Get Free Report) had its price objective hoisted by equities research analysts at JPMorgan Chase & Co. from $9.90 to $10.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 2.09% from the company's previous close.

Amcor Price Performance

Amcor stock traded up $0.86 during midday trading on Wednesday, reaching $9.80. The company's stock had a trading volume of 25,822,949 shares, compared to its average volume of 8,750,380. The stock has a market cap of $14.16 billion, a PE ratio of 22.26, a price-to-earnings-growth ratio of 9.95 and a beta of 0.78. The company has a current ratio of 1.25, a quick ratio of 0.71 and a debt-to-equity ratio of 1.74. Amcor has a 52 week low of $8.45 and a 52 week high of $11.04. The business has a 50-day moving average price of $9.20 and a 200-day moving average price of $9.28.

Amcor (NYSE:AMCR - Get Free Report) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.01. The business had revenue of $3.41 billion during the quarter, compared to analysts' expectations of $3.49 billion. Amcor had a net margin of 4.59% and a return on equity of 24.28%. The firm's quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.18 EPS. On average, sell-side analysts predict that Amcor will post 0.68 EPS for the current year.

Hedge Funds Weigh In On Amcor

A number of institutional investors have recently modified their holdings of AMCR. Riverview Trust Co bought a new position in Amcor in the 1st quarter valued at about $28,000. Signaturefd LLC raised its position in Amcor by 1,619.5% in the 3rd quarter. Signaturefd LLC now owns 3,267 shares of the company's stock valued at $30,000 after buying an additional 3,077 shares during the last quarter. Cary Street Partners Investment Advisory LLC bought a new position in Amcor during the 3rd quarter valued at $38,000. McGlone Suttner Wealth Management Inc. purchased a new position in Amcor during the 4th quarter worth $40,000. Finally, Loomis Sayles & Co. L P grew its stake in shares of Amcor by 48.2% in the 3rd quarter. Loomis Sayles & Co. L P now owns 4,445 shares of the company's stock worth $41,000 after acquiring an additional 1,445 shares in the last quarter. 45.14% of the stock is owned by institutional investors and hedge funds.

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.