Amcor (NYSE:AMCR) Price Target Raised to $44.00

Amcor (NYSE:AMCR) had its target price lifted by equities research analysts at Wells Fargo & Company from $43.00 to $44.00 in a report issued on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential downside of 4.46% from the stock’s previous close.

Several other equities analysts also recently weighed in on AMCR. JPMorgan Chase & Co. reduced their target price on shares of Amcor from $50.00 to $44.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Bank of America increased their price target on shares of Amcor from $48.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. BMO Capital Markets initiated coverage on shares of Amcor in a report on Thursday, July 16th. They set a “market perform” rating and a $47.00 target price for the company. Citigroup reaffirmed a “buy” rating on shares of Amcor in a research report on Friday. Finally, UBS Group assumed coverage on Amcor in a report on Tuesday. They set a “buy” rating and a $56.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.83.

Amcor Stock Performance

Shares of Amcor stock traded down $0.33 on Friday, reaching $46.05. 585,582 shares of the company traded hands, compared to its average volume of 4,915,740. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.44 and a quick ratio of 0.95. The firm has a market capitalization of $21.29 billion, a PE ratio of 19.52, a PEG ratio of 1.46 and a beta of 0.62. The company has a 50 day moving average of $43.41 and a 200 day moving average of $42.60. Amcor has a 52 week low of $36.25 and a 52 week high of $50.94.

Amcor (NYSE:AMCR) last released its earnings results on Thursday, August 13th. The company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.04. Amcor had a return on equity of 15.96% and a net margin of 4.71%.The business had revenue of $6.40 billion during the quarter, compared to the consensus estimate of $6.05 billion. During the same period last year, the business posted $0.20 earnings per share. The business’s revenue for the quarter was up 25.9% on a year-over-year basis. Equities analysts forecast that Amcor will post 4.24 earnings per share for the current year.

Hedge Funds Weigh In On Amcor

A number of hedge funds and other institutional investors have recently modified their holdings of AMCR. Bangor Savings Bank purchased a new stake in Amcor in the 2nd quarter worth $26,000. AdvisorNet Financial Inc bought a new position in Amcor during the first quarter valued at approximately $25,000. Western Wealth Management LLC bought a new stake in Amcor in the 1st quarter worth approximately $27,000. Palladiem LLC purchased a new stake in shares of Amcor during the 1st quarter worth approximately $34,000. Finally, Root Financial Partners LLC bought a new position in shares of Amcor during the 1st quarter valued at approximately $41,000. Institutional investors own 45.14% of the company’s stock.

About Amcor

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.