Amcor (NYSE:AMCR) Price Target Cut to $11.00 by Analysts at Truist Financial

Amcor (NYSE:AMCR - Get Free Report) had its price objective cut by stock analysts at Truist Financial from $12.00 to $11.00 in a research report issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price target suggests a potential upside of 13.99% from the company's current price.

Several other brokerages also recently issued reports on AMCR. Raymond James Financial began coverage on Amcor in a report on Tuesday, April 22nd. They set a "market perform" rating for the company. Jefferies Financial Group assumed coverage on Amcor in a research report on Wednesday, July 2nd. They set a "buy" rating and a $12.00 target price for the company. UBS Group upgraded Amcor from a "neutral" rating to a "buy" rating in a research note on Thursday, June 26th. Finally, Wells Fargo & Company assumed coverage on Amcor in a research note on Thursday, June 26th. They set an "overweight" rating and a $10.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $11.37.

Amcor Trading Down 1.8%

Shares of NYSE:AMCR traded down $0.18 during midday trading on Friday, hitting $9.65. 14,423,568 shares of the stock were exchanged, compared to its average volume of 21,146,165. The stock has a market capitalization of $13.95 billion, a price-to-earnings ratio of 17.23, a P/E/G ratio of 1.24 and a beta of 0.73. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.16 and a current ratio of 1.70. The business's 50-day moving average price is $9.24 and its 200 day moving average price is $9.52. Amcor has a 12 month low of $8.37 and a 12 month high of $11.48.

Amcor (NYSE:AMCR - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The company had revenue of $3.33 billion for the quarter, compared to analysts' expectations of $3.51 billion. Amcor had a return on equity of 26.49% and a net margin of 5.99%. The business's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.13 earnings per share. Analysts predict that Amcor will post 0.74 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of AMCR. Jones Financial Companies Lllp grew its holdings in shares of Amcor by 247.4% during the fourth quarter. Jones Financial Companies Lllp now owns 3,735 shares of the company's stock worth $35,000 after purchasing an additional 2,660 shares in the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Amcor by 11,326.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,313 shares of the company's stock worth $69,000 after purchasing an additional 7,249 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Amcor by 0.9% during the fourth quarter. Victory Capital Management Inc. now owns 439,324 shares of the company's stock worth $4,134,000 after purchasing an additional 3,993 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Amcor during the fourth quarter worth about $314,000. Finally, Raymond James Financial Inc. bought a new stake in Amcor in the 4th quarter worth approximately $23,810,000. Hedge funds and other institutional investors own 45.14% of the company's stock.

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.