Amcor (NYSE:AMCR) Upgraded at Bank of America

Bank of America upgraded shares of Amcor (NYSE:AMCR) from an underperform rating to a buy rating in a report published on Wednesday, Marketbeat.com reports. Bank of America currently has $12.50 price objective on the stock.

A number of other research firms have also commented on AMCR. Wells Fargo & Company raised their price target on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Robert W. Baird lifted their price target on shares of Amcor from $10.00 to $11.00 and gave the company a “neutral” rating in a research note on Friday, August 16th. Citigroup increased their price objective on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. raised their price objective on shares of Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a report on Tuesday, August 13th. Finally, Macquarie raised shares of Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $11.20.

Amcor Stock Down 1.0 %

Shares of NYSE AMCR opened at $9.90 on Wednesday. The firm has a 50 day moving average price of $10.62 and a 200 day moving average price of $10.52. 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 stock has a market cap of $14.30 billion, a P/E ratio of 18.83, a P/E/G ratio of 1.80 and a beta of 0.82. Amcor has a 52-week low of $8.78 and a 52-week high of $11.48.

Amcor (NYSE:AMCR) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.16 EPS for the quarter, meeting analysts’ consensus estimates 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 net margin of 5.68% and a return on equity of 25.60%. The firm’s quarterly revenue was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.16 EPS. Analysts expect that Amcor will post 0.74 EPS for the current year.

Amcor Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 11th. Stockholders of record on Thursday, November 21st were given a $0.1275 dividend. This represents a $0.51 dividend on an annualized basis and a dividend yield of 5.15%. The ex-dividend date was Thursday, November 21st. This is a positive change from Amcor’s previous quarterly dividend of $0.13. Amcor’s payout ratio is currently 96.23%.

Institutional Investors Weigh In On Amcor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AMCR. Larson Financial Group LLC grew its holdings in shares of Amcor by 3,410.3% in the 3rd quarter. Larson Financial Group LLC now owns 2,387 shares of the company’s stock valued at $27,000 after acquiring an additional 2,319 shares in the last quarter. Rise Advisors LLC bought a new position in Amcor in the third quarter valued at approximately $35,000. ORG Wealth Partners LLC bought a new position in Amcor in the third quarter valued at approximately $35,000. True Wealth Design LLC increased its position in shares of 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, UMB Bank n.a. raised its stake in shares of Amcor by 38.7% during the 2nd quarter. UMB Bank n.a. now owns 4,656 shares of the company’s stock worth $46,000 after purchasing an additional 1,299 shares in 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.