Wells Fargo & Company Forecasts Strong Price Appreciation for Amcor (NYSE:AMCR) Stock

Amcor (NYSE:AMCR) had its target price lifted by Wells Fargo & Company from $10.00 to $11.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 15.55% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Jefferies Financial Group started coverage on Amcor in a research report on Wednesday, July 2nd. They issued a “buy” rating and a $12.00 target price on the stock. UBS Group upgraded Amcor from a “neutral” rating to a “buy” rating in a research report on Thursday, June 26th. Truist Financial set a $11.00 price objective on Amcor and gave the stock a “buy” rating in a research report on Friday, July 11th. Finally, Raymond James Financial began coverage on Amcor in a research report on Tuesday, April 22nd. They set a “market perform” rating on the stock. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Amcor currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.51.

Amcor Stock Up 0.1%

Amcor stock opened at $9.52 on Friday. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.16 and a current ratio of 1.70. The business’s 50-day simple moving average is $9.28 and its two-hundred day simple moving average is $9.53. The company has a market cap of $13.76 billion, a PE ratio of 17.00, a PEG ratio of 1.22 and a beta of 0.73. Amcor has a fifty-two week low of $8.37 and a fifty-two week high of $11.48.

Amcor (NYSE:AMCR) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.18 earnings per share for the quarter, meeting the consensus estimate of $0.18. Amcor had a return on equity of 26.49% and a net margin of 5.99%. The business had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.51 billion. During the same quarter in the previous year, the business earned $0.13 EPS. The company’s quarterly revenue was down 2.3% compared to the same quarter last year. Equities analysts anticipate that Amcor will post 0.74 EPS for the current year.

Institutional Trading of Amcor

Institutional investors and hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC increased its position in Amcor by 5.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 20,689 shares of the company’s stock worth $190,000 after purchasing an additional 1,035 shares during the period. UMB Bank n.a. boosted its holdings in shares of Amcor by 20.0% during the first quarter. UMB Bank n.a. now owns 6,386 shares of the company’s stock worth $62,000 after purchasing an additional 1,066 shares during the last quarter. AlphaStar Capital Management LLC boosted its holdings in shares of Amcor by 2.4% during the first quarter. AlphaStar Capital Management LLC now owns 50,472 shares of the company’s stock worth $490,000 after purchasing an additional 1,185 shares during the last quarter. Koshinski Asset Management Inc. boosted its holdings in shares of Amcor by 10.1% during the first quarter. Koshinski Asset Management Inc. now owns 13,659 shares of the company’s stock worth $132,000 after purchasing an additional 1,252 shares during the last quarter. Finally, Virtue Capital Management LLC boosted its holdings in Amcor by 2.8% in the fourth quarter. Virtue Capital Management LLC now owns 45,924 shares of the company’s stock valued at $432,000 after acquiring an additional 1,259 shares during the last quarter. 45.14% of the stock is owned by hedge funds and other institutional investors.

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.