Amcor (NYSE:AMCR – Get Free Report) was upgraded by equities researchers at Citigroup from a “neutral” rating to a “buy” rating in a report released on Monday, MarketBeat Ratings reports. The brokerage currently has a $12.00 price target on the stock, up from their previous price target of $11.00. Citigroup’s price objective suggests a potential upside of 26.18% from the company’s current price.
Several other equities analysts also recently commented on the stock. UBS Group raised shares of Amcor from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 11th. Wells Fargo & Company raised their price objective on Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Macquarie raised Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. Truist Financial raised Amcor from a “hold” rating to a “buy” rating and lifted their price target for the company from $10.00 to $12.00 in a research note on Monday. Finally, Bank of America raised Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price objective for the company in a research note on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Amcor has a consensus rating of “Moderate Buy” and a consensus target price of $11.46.
Check Out Our Latest Stock Analysis on AMCR
Amcor Stock Up 0.8 %
Amcor (NYSE:AMCR – Get Free Report) last announced its earnings results on Thursday, October 31st. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. The company had revenue of $3.35 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Amcor had a net margin of 5.68% and a return on equity of 25.60%. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period last year, the firm earned $0.16 earnings per share. On average, equities analysts anticipate that Amcor will post 0.74 earnings per share for the current year.
Institutional Investors Weigh In On Amcor
Several large investors have recently added to or reduced their stakes in AMCR. M&G PLC raised its position in shares of Amcor by 5.9% during the third quarter. M&G PLC now owns 49,940,152 shares of the company’s stock worth $549,342,000 after purchasing an additional 2,775,794 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Amcor by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 43,190,458 shares of the company’s stock worth $489,348,000 after purchasing an additional 1,960,308 shares during the last quarter. Geode Capital Management LLC grew its holdings in Amcor by 2.0% during the third quarter. Geode Capital Management LLC now owns 36,317,037 shares of the company’s stock worth $410,144,000 after buying an additional 697,320 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Amcor by 7.8% in the second quarter. ProShare Advisors LLC now owns 19,916,478 shares of the company’s stock valued at $194,783,000 after purchasing an additional 1,443,364 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Amcor by 11.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 14,721,829 shares of the company’s stock worth $143,989,000 after buying an additional 1,527,492 shares in the last quarter. Institutional investors and hedge funds own 45.14% of the company’s stock.
About Amcor
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.
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