Amcor (NYSE:AMCR) Given New $48.00 Price Target at Wells Fargo & Company

Amcor (NYSE:AMCR) had its target price increased by investment analysts at Wells Fargo & Company from $9.00 to $48.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 15.18% from the stock’s current price.

A number of other analysts have also issued reports on AMCR. Royal Bank Of Canada started coverage on Amcor in a report on Monday, September 22nd. They issued a “sector perform” rating on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Amcor in a report on Wednesday, October 8th. Truist Financial lifted their target price on shares of Amcor from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. Morgan Stanley reiterated an “overweight” rating and issued a $57.50 price objective on shares of Amcor in a research note on Wednesday, November 12th. Finally, Baird R W upgraded Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.79.

Amcor Stock Up 1.8%

Shares of NYSE AMCR traded up $0.74 during trading hours on Tuesday, hitting $41.68. The stock had a trading volume of 2,620,692 shares, compared to its average volume of 4,314,621. The firm’s 50-day moving average price is $42.12 and its two-hundred day moving average price is $42.93. Amcor has a 52 week low of $38.33 and a 52 week high of $52.25. The company has a market capitalization of $19.22 billion, a P/E ratio of 24.51, a P/E/G ratio of 0.95 and a beta of 0.68. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.62 and a current ratio of 1.04.

Amcor (NYSE:AMCR) last posted its earnings results on Wednesday, November 5th. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. The company had revenue of $5.75 billion for the quarter, compared to analyst estimates of $5.77 billion. Amcor had a return on equity of 17.35% and a net margin of 3.34%.The business’s revenue was up 71.3% compared to the same quarter last year. During the same period last year, the company earned $0.80 earnings per share. Analysts anticipate that Amcor will post 0.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. State Street Corp raised its stake in shares of Amcor by 7.2% during the third quarter. State Street Corp now owns 139,077,241 shares of the company’s stock worth $1,137,652,000 after buying an additional 9,375,255 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Amcor by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 111,490,330 shares of the company’s stock worth $911,991,000 after purchasing an additional 1,262,294 shares during the last quarter. M&G PLC lifted its stake in Amcor by 26.6% in the third 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 during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Amcor by 62.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 80,770,303 shares of the company’s stock valued at $742,279,000 after acquiring an additional 30,938,660 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Amcor by 55.3% in the 2nd quarter. Geode Capital Management LLC now owns 58,845,923 shares of the company’s stock valued at $538,551,000 after acquiring an additional 20,946,520 shares during the period. 45.14% of the stock is currently owned by institutional investors and hedge funds.

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.