Amcor (NYSE:AMCR) Raised to “Buy” at Truist Financial

Truist Financial upgraded shares of Amcor (NYSE:AMCR) from a hold rating to a buy rating in a research note published on Monday, MarketBeat reports. Truist Financial currently has $12.00 price objective on the stock, up from their prior price objective of $10.00.

AMCR has been the topic of a number of other research reports. Bank of America upgraded shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price target on the stock in a report on Wednesday, December 11th. Macquarie raised Amcor from a “neutral” rating to an “outperform” rating in a research report on Wednesday, November 27th. Wells Fargo & Company increased 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. Finally, UBS Group upgraded Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 11th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Amcor has a consensus rating of “Moderate Buy” and an average target price of $11.46.

Amcor Stock Performance

Shares of NYSE AMCR opened at $9.43 on Monday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.29 and a quick ratio of 0.74. Amcor has a one year low of $8.78 and a one year high of $11.48. The business’s 50-day moving average price is $10.06 and its two-hundred day moving average price is $10.46. The company has a market capitalization of $13.63 billion, a P/E ratio of 17.79, a price-to-earnings-growth 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 EPS for the quarter, meeting the consensus estimate of $0.16. The business had revenue of $3.35 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Amcor had a return on equity of 25.60% and a net margin of 5.68%. The firm’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.16 EPS. Analysts anticipate that Amcor will post 0.74 earnings per share for the current fiscal year.

Amcor Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 11th. Shareholders of record on Thursday, November 21st were issued a $0.1275 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $0.51 dividend on an annualized basis and a yield of 5.41%. This is a positive change from Amcor’s previous quarterly dividend of $0.13. Amcor’s dividend payout ratio (DPR) is 96.23%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Lake Street Advisors Group LLC increased its position in Amcor by 8.4% during the third quarter. Lake Street Advisors Group LLC now owns 12,210 shares of the company’s stock worth $138,000 after acquiring an additional 946 shares during the period. Whittier Trust Co. of Nevada Inc. grew its position in Amcor by 9.6% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 11,646 shares of the company’s stock worth $132,000 after purchasing an additional 1,023 shares during the last quarter. Forum Financial Management LP grew its position in Amcor by 7.7% in the 3rd quarter. Forum Financial Management LP now owns 14,761 shares of the company’s stock worth $167,000 after purchasing an additional 1,058 shares during the last quarter. Prime Capital Investment Advisors LLC increased its holdings in shares of Amcor by 6.1% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 18,961 shares of the company’s stock worth $215,000 after purchasing an additional 1,085 shares during the period. Finally, CWA Asset Management Group LLC raised its position in shares of Amcor by 3.9% during the fourth quarter. CWA Asset Management Group LLC now owns 32,343 shares of the company’s stock valued at $304,000 after buying an additional 1,213 shares during the last quarter. 45.14% of the stock is currently owned by institutional investors and hedge funds.

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.