Amcor (NYSE:AMCR) PT Lowered to $10.00

Amcor (NYSE:AMCR) had its price target dropped by equities research analysts at Truist Financial from $11.00 to $10.00 in a report released on Friday, Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price target suggests a potential upside of 9.77% from the stock’s previous close.

A number of other research analysts also recently weighed in on the company. TheStreet downgraded Amcor from a “b-” rating to a “c+” rating in a research note on Wednesday, September 27th. Bank of America cut shares of Amcor from a “buy” rating to an “underperform” rating in a research report on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.40.

Amcor Stock Up 3.4 %

NYSE AMCR opened at $9.11 on Friday. The firm has a market cap of $13.18 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 9.57 and a beta of 0.80. Amcor has a one year low of $8.45 and a one year high of $12.78. The stock’s 50 day simple moving average is $9.08 and its 200 day simple moving average is $9.73. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.76 and a quick ratio of 0.69.

Amcor (NYSE:AMCR) last posted its quarterly earnings data on Wednesday, August 16th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. Amcor had a return on equity of 24.92% and a net margin of 6.72%. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.87 billion. As a group, sell-side analysts forecast that Amcor will post 0.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Amcor

In related news, Director Arun Nayar sold 30,000 shares of Amcor stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $9.40, for a total value of $282,000.00. Following the sale, the director now owns 45,072 shares of the company’s stock, valued at $423,676.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.69% of the company’s stock.

Hedge Funds Weigh In On Amcor

A number of hedge funds and other institutional investors have recently bought and sold shares of AMCR. Price T Rowe Associates Inc. MD grew its holdings in Amcor by 783.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,275,142 shares of the company’s stock worth $219,352,000 after purchasing an additional 17,093,248 shares during the period. State Street Corp grew its holdings in Amcor by 10.2% during the first quarter. State Street Corp now owns 112,644,781 shares of the company’s stock worth $1,276,265,000 after purchasing an additional 10,472,157 shares during the period. Federated Hermes Inc. grew its holdings in Amcor by 35.9% during the first quarter. Federated Hermes Inc. now owns 29,787,068 shares of the company’s stock worth $338,977,000 after purchasing an additional 7,871,028 shares during the period. Invesco Ltd. grew its holdings in Amcor by 40.9% during the first quarter. Invesco Ltd. now owns 27,078,220 shares of the company’s stock worth $306,797,000 after purchasing an additional 7,854,257 shares during the period. Finally, Norges Bank bought a new position in Amcor during the fourth quarter worth about $58,210,000. Institutional investors own 49.52% 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.