Truist Financial Cuts Amcor (NYSE:AMCR) Price Target to $11.00

Amcor (NYSE:AMCR - Free Report) had its target price reduced by Truist Financial from $12.00 to $11.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also issued reports on the company. Raymond James assumed coverage on Amcor in a research note on Tuesday, April 22nd. They set a "market perform" rating for the company. Jefferies Financial Group raised shares of Amcor from a "hold" rating to a "buy" rating in a research note on Monday, February 3rd. Finally, Citigroup raised shares of Amcor from a "neutral" rating to a "buy" rating and raised their price target for the stock from $11.00 to $12.00 in a research note on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $11.31.

Amcor Trading Down 1.2 %

NYSE:AMCR traded down $0.12 during midday trading on Tuesday, hitting $9.54. 25,821,230 shares of the company traded hands, compared to its average volume of 15,617,730. The firm has a market capitalization of $13.79 billion, a P/E ratio of 17.35, a P/E/G ratio of 1.96 and a beta of 0.78. The firm's fifty day moving average is $9.67 and its 200-day moving average is $9.97. Amcor has a 12-month low of $8.37 and a 12-month high of $11.48. 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 announced its earnings results on Tuesday, February 4th. The company reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. The business had revenue of $3.24 billion for the quarter, compared to the consensus estimate of $3.33 billion. Amcor had a net margin of 5.89% and a return on equity of 26.14%. The business's revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.09 earnings per share. On average, sell-side analysts predict that Amcor will post 0.74 EPS for the current year.

Amcor Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Wednesday, February 26th were issued a dividend of $0.1275 per share. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $0.51 dividend on an annualized basis and a yield of 5.35%. Amcor's dividend payout ratio is currently 92.73%.

Insider Activity

In other news, Director Achal Agarwal purchased 10,000 shares of the stock in a transaction dated Thursday, February 27th. The shares were acquired at an average cost of $10.10 per share, for a total transaction of $101,000.00. Following the acquisition, the director now owns 88,967 shares of the company's stock, valued at approximately $898,566.70. This represents a 12.66 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Amcor

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. UMB Bank n.a. grew its holdings in Amcor by 20.0% in the first quarter. UMB Bank n.a. now owns 6,386 shares of the company's stock worth $62,000 after purchasing an additional 1,066 shares during the last quarter. CWA Asset Management Group LLC boosted its position in shares of Amcor by 3.9% in the 4th quarter. CWA Asset Management Group LLC now owns 32,343 shares of the company's stock worth $304,000 after purchasing an additional 1,213 shares in the last quarter. Koshinski Asset Management Inc. grew its stake in Amcor by 10.1% during the 1st quarter. Koshinski Asset Management Inc. now owns 13,659 shares of the company's stock worth $132,000 after buying an additional 1,252 shares during the last quarter. Virtue Capital Management LLC increased its position in Amcor by 2.8% during the 4th quarter. Virtue Capital Management LLC now owns 45,924 shares of the company's stock valued at $432,000 after buying an additional 1,259 shares in the last quarter. Finally, Utah Retirement Systems raised its stake in Amcor by 1.1% in the fourth quarter. Utah Retirement Systems now owns 120,076 shares of the company's stock valued at $1,130,000 after buying an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 45.14% of the company's stock.

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.