Brokerages Set Amcor PLC (NYSE:AMCR) Price Target at $50.89

Amcor PLC (NYSE:AMCR) has earned an average rating of “Moderate Buy” from the thirteen analysts that are presently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $49.5556.

Several equities analysts recently issued reports on AMCR shares. JPMorgan Chase & Co. cut their target price on Amcor from $50.00 to $44.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. Weiss Ratings raised Amcor from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday. Robert W. Baird set a $54.00 target price on Amcor in a research report on Wednesday, February 4th. Deutsche Bank Aktiengesellschaft started coverage on Amcor in a research report on Wednesday, April 1st. They issued a “buy” rating and a $50.00 target price on the stock. Finally, Truist Financial reissued a “buy” rating and issued a $51.00 target price (up from $50.00) on shares of Amcor in a research report on Thursday, May 7th.

Amcor Stock Performance

Shares of AMCR opened at $39.22 on Wednesday. Amcor has a 12 month low of $36.67 and a 12 month high of $50.94. The stock has a fifty day moving average price of $40.62 and a 200-day moving average price of $42.48. The company has a current ratio of 1.44, a quick ratio of 0.95 and a debt-to-equity ratio of 1.30. The firm has a market cap of $18.13 billion, a PE ratio of 27.43, a P/E/G ratio of 1.21 and a beta of 0.63.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.96 EPS for the quarter, meeting the consensus estimate of $0.96. Amcor had a return on equity of 14.55% and a net margin of 3.06%.The firm had revenue of $5.91 billion during the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the prior year, the business posted $0.90 EPS. The business’s revenue for the quarter was up 77.4% compared to the same quarter last year. Equities research analysts predict that Amcor will post 3.97 earnings per share for the current fiscal year.

Amcor Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Thursday, May 28th will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 6.6%. The ex-dividend date of this dividend is Thursday, May 28th. Amcor’s dividend payout ratio is presently 181.82%.

Hedge Funds Weigh In On Amcor

Several hedge funds have recently made changes to their positions in AMCR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Amcor by 8.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 268,381 shares of the company’s stock worth $2,596,000 after purchasing an additional 20,757 shares during the period. Focus Partners Wealth grew its position in Amcor by 11.3% during the 1st quarter. Focus Partners Wealth now owns 43,137 shares of the company’s stock worth $418,000 after purchasing an additional 4,396 shares during the period. Sivia Capital Partners LLC acquired a new stake in Amcor during the 2nd quarter worth about $138,000. Arrowstreet Capital Limited Partnership acquired a new stake in Amcor during the 2nd quarter worth about $6,426,000. Finally, CW Advisors LLC acquired a new stake in Amcor during the 2nd quarter worth about $228,000. 45.14% of the stock is 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.