Amcor (NYSE:AMCR) Rating Increased to Buy at Citigroup

Amcor (NYSE:AMCR) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a report issued on Monday,Briefing.com Automated Import reports. The firm presently has a $12.00 target price on the stock, up from their prior target price of $11.00. Citigroup’s target price would indicate a potential upside of 28.62% from the stock’s previous close.

Several other equities analysts have also recently weighed in on AMCR. Macquarie upgraded Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. UBS Group upgraded shares of Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 11th. Bank of America raised shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 target price for the company in a research note on Wednesday, December 11th. Wells Fargo & Company lifted their price target on Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Finally, Truist Financial upgraded Amcor from a “hold” rating to a “buy” rating and boosted their target price for the company from $10.00 to $12.00 in a research note on Monday. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Amcor currently has an average rating of “Moderate Buy” and an average target price of $11.46.

Amcor Price Performance

AMCR opened at $9.33 on Monday. Amcor has a 52 week low of $8.78 and a 52 week high of $11.48. The company has a fifty day moving average price of $10.09 and a two-hundred day moving average price of $10.47. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.74 and a current ratio of 1.29. The firm has a market capitalization of $13.49 billion, a PE ratio of 17.60, a P/E/G ratio of 1.80 and a beta of 0.84.

Amcor (NYSE:AMCR) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.16 earnings per share for the quarter, hitting analysts’ consensus estimates 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 quarterly revenue was down 2.6% compared to the same quarter last year. During the same period last year, the firm posted $0.16 earnings per share. As a group, analysts anticipate that Amcor will post 0.74 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in AMCR. Larson Financial Group LLC boosted its holdings in shares of Amcor by 3,410.3% during the 3rd quarter. Larson Financial Group LLC now owns 2,387 shares of the company’s stock worth $27,000 after buying an additional 2,319 shares during the period. Rise Advisors LLC acquired a new position in shares of Amcor in the third quarter valued at approximately $35,000. ORG Wealth Partners LLC bought a new position in shares of Amcor during the third quarter worth approximately $35,000. True Wealth Design LLC lifted its holdings in Amcor by 3,794.1% during the 3rd quarter. True Wealth Design LLC now owns 3,310 shares of the company’s stock worth $38,000 after purchasing an additional 3,225 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in Amcor by 296.3% in the 3rd quarter. Signaturefd LLC now owns 4,336 shares of the company’s stock valued at $49,000 after purchasing an additional 3,242 shares during the period. 45.14% of the stock is owned by institutional investors and hedge funds.

Amcor Company Profile

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.