Raymond James Begins Coverage on Amcor (NYSE:AMCR)

Investment analysts at Raymond James assumed coverage on shares of Amcor (NYSE:AMCR - Get Free Report) in a research report issued on Tuesday, MarketBeat reports. The firm set a "market perform" rating on the stock.

Several other analysts also recently commented on AMCR. Citigroup upgraded Amcor from a "neutral" rating to a "buy" rating and raised their target price for the company from $11.00 to $12.00 in a research note on Monday, January 6th. Jefferies Financial Group raised Amcor from a "hold" rating to a "buy" rating in a research note on Monday, February 3rd. Finally, Truist Financial raised Amcor from a "hold" rating to a "buy" rating and upped their target price for the stock from $10.00 to $12.00 in a research report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $11.31.

Amcor Trading Down 1.2 %

AMCR stock traded down $0.12 during mid-day trading on Tuesday, reaching $9.54. The company's stock had a trading volume of 25,821,230 shares, compared to its average volume of 15,617,730. The company has a market cap of $13.79 billion, a price-to-earnings ratio of 17.35, a price-to-earnings-growth ratio of 1.96 and a beta of 0.78. Amcor has a 12 month low of $8.37 and a 12 month high of $11.48. The business's 50 day moving average price is $9.67 and its 200 day moving average price is $9.97. The company has a current ratio of 1.26, a quick ratio of 0.71 and a debt-to-equity ratio of 1.80.

Amcor (NYSE:AMCR - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. The company had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.33 billion. Amcor had a net margin of 5.89% and a return on equity of 26.14%. Amcor's revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.09 EPS. On average, equities research analysts predict that Amcor will post 0.74 EPS for the current year.

Insider Activity

In other Amcor news, Director Achal Agarwal bought 10,000 shares of Amcor stock in a transaction dated Thursday, February 27th. The stock was bought at an average cost of $10.10 per share, with a total value of $101,000.00. Following the completion of the acquisition, the director now directly owns 88,967 shares in the company, valued at approximately $898,566.70. The trade was a 12.66 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Amcor

A number of hedge funds have recently bought and sold shares of AMCR. Vanguard Group Inc. raised its stake in shares of Amcor by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 58,986,593 shares of the company's stock worth $555,064,000 after purchasing an additional 1,249,868 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Amcor by 6.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 46,052,929 shares of the company's stock worth $433,358,000 after buying an additional 2,862,471 shares during the last quarter. Geode Capital Management LLC raised its position in Amcor by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 36,856,793 shares of the company's stock worth $345,952,000 after acquiring an additional 539,756 shares during the period. Invesco Ltd. boosted its stake in Amcor by 16.0% in the fourth quarter. Invesco Ltd. now owns 30,425,121 shares of the company's stock valued at $286,300,000 after acquiring an additional 4,199,209 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Amcor by 25.1% during the 4th quarter. Wellington Management Group LLP now owns 27,971,885 shares of the company's stock valued at $263,215,000 after acquiring an additional 5,614,233 shares during the period. 45.14% of the stock is currently owned by institutional investors.

About Amcor

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.