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

Amcor (NYSE:AMCR) had its price objective lifted by JPMorgan Chase & Co. from $9.90 to $10.00 in a research note released on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Amcor Price Performance

Shares of AMCR opened at $9.80 on Wednesday. Amcor has a 1-year low of $8.45 and a 1-year high of $11.04. The stock has a market cap of $14.16 billion, a PE ratio of 22.26, a P/E/G ratio of 9.95 and a beta of 0.78. The firm has a 50-day simple moving average of $9.20 and a two-hundred day simple moving average of $9.28. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.25 and a quick ratio of 0.71.

Amcor (NYSE:AMCR) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. Amcor had a net margin of 4.59% and a return on equity of 24.28%. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.49 billion. During the same period last year, the business earned $0.18 earnings per share. The business’s revenue for the quarter was down 7.0% on a year-over-year basis. As a group, analysts forecast that Amcor will post 0.68 EPS for the current year.

Amcor Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Wednesday, May 22nd will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 5.10%. The ex-dividend date of this dividend is Tuesday, May 21st. Amcor’s payout ratio is 113.64%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AMCR. Wellington Management Group LLP purchased a new position in shares of Amcor in the fourth quarter valued at approximately $155,438,000. Norges Bank purchased a new position in shares of Amcor in the fourth quarter valued at approximately $47,669,000. Toronto Dominion Bank purchased a new position in Amcor in the third quarter worth approximately $43,187,000. Invesco Ltd. lifted its stake in Amcor by 14.9% in the third quarter. Invesco Ltd. now owns 20,531,344 shares of the company’s stock worth $188,067,000 after acquiring an additional 2,664,715 shares during the last quarter. Finally, FMR LLC lifted its stake in Amcor by 315.0% in the third quarter. FMR LLC now owns 1,816,174 shares of the company’s stock worth $16,636,000 after acquiring an additional 1,378,594 shares during the last quarter. 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.