Amcor (NYSE:AMCR) Stock Rating Upgraded by Baird R W

Amcor (NYSE:AMCR) was upgraded by analysts at Baird R W from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the company. Wells Fargo & Company decreased their price objective on Amcor from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday, October 15th. Truist Financial lifted their price target on Amcor from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday. The Goldman Sachs Group initiated coverage on Amcor in a report on Wednesday, September 10th. They issued a “buy” rating for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Amcor in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada initiated coverage on shares of Amcor in a report on Monday, September 22nd. They set a “sector perform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $10.67.

Amcor Stock Down 1.9%

AMCR stock opened at $8.41 on Wednesday. The company has a market capitalization of $19.38 billion, a P/E ratio of 24.72, a price-to-earnings-growth ratio of 0.99 and a beta of 0.68. Amcor has a 12 month low of $7.66 and a 12 month high of $10.45. The firm’s fifty day simple moving average is $8.34 and its 200-day simple moving average is $8.63. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.04 and a quick ratio of 0.62.

Shares of Amcor are going to reverse split on Thursday, January 15th. The 1-5 reverse split was announced on Thursday, December 11th. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, January 14th.

Amcor (NYSE:AMCR) last posted its earnings results on Wednesday, November 5th. The company reported $0.19 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.19. Amcor had a net margin of 3.34% and a return on equity of 17.35%. The company had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.77 billion. During the same period in the previous year, the firm posted $0.16 earnings per share. The firm’s quarterly revenue was up 71.3% on a year-over-year basis. As a group, equities research analysts forecast that Amcor will post 0.74 earnings per share for the current year.

Institutional Investors Weigh In On Amcor

Several institutional investors and hedge funds have recently added to or reduced their stakes in AMCR. Vanguard Group Inc. raised its position in Amcor by 61.8% during the second quarter. Vanguard Group Inc. now owns 110,228,036 shares of the company’s stock worth $1,012,996,000 after acquiring an additional 42,122,135 shares during the period. State Street Corp increased its stake in shares of Amcor by 41.4% during the second quarter. State Street Corp now owns 129,701,986 shares of the company’s stock worth $1,191,961,000 after purchasing an additional 37,982,310 shares in the last quarter. Norges Bank acquired a new position in shares of Amcor during the 2nd quarter worth about $328,839,000. Charles Schwab Investment Management Inc. raised its position in shares of Amcor by 62.1% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 80,770,303 shares of the company’s stock worth $742,279,000 after purchasing an additional 30,938,660 shares during the last quarter. Finally, M&G PLC lifted its stake in Amcor by 26.6% in the 3rd quarter. M&G PLC now owns 108,333,984 shares of the company’s stock valued at $866,672,000 after buying an additional 22,737,979 shares in the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

Amcor Company Profile

Amcor (NYSE: AMCR) is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company’s product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor’s packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.