Amcor (NYSE:AMCR) Price Target Raised to $48.00 at Wells Fargo & Company

Amcor (NYSE:AMCR) had its price objective lifted by Wells Fargo & Company from $9.00 to $48.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other equities analysts have also issued research reports about the company. Baird R W raised Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of Amcor in a research report on Wednesday, October 8th. Royal Bank Of Canada initiated coverage on Amcor in a research report on Monday, September 22nd. They set a “sector perform” rating on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $57.50 price objective on shares of Amcor in a research note on Wednesday, November 12th. Finally, Stifel Nicolaus upgraded shares of Amcor from a “hold” rating to a “buy” rating and set a $51.00 target price on the stock in a research report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Amcor presently has a consensus rating of “Moderate Buy” and an average target price of $53.79.

Amcor Stock Performance

Shares of AMCR opened at $41.24 on Tuesday. The company has a market capitalization of $19.01 billion, a price-to-earnings ratio of 24.26, a price-to-earnings-growth ratio of 0.95 and a beta of 0.68. Amcor has a 52-week low of $38.33 and a 52-week high of $52.25. The company has a quick ratio of 0.62, a current ratio of 1.04 and a debt-to-equity ratio of 1.09. The stock has a 50 day moving average price of $42.10 and a 200 day moving average price of $42.89.

Amcor (NYSE:AMCR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Amcor had a net margin of 3.34% and a return on equity of 17.35%. The company had revenue of $5.75 billion for the quarter, compared to analysts’ expectations of $5.77 billion. During the same quarter last year, the company earned $0.80 earnings per share. The firm’s revenue for the quarter was up 71.3% on a year-over-year basis. Research analysts predict that Amcor will post 0.74 EPS for the current fiscal year.

Amcor Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 17th. Shareholders of record on Friday, November 28th were given a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 6.3%. This is a positive change from Amcor’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, November 28th. Amcor’s dividend payout ratio is 152.94%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. NewSquare Capital LLC grew its holdings in Amcor by 377.9% during the 2nd quarter. NewSquare Capital LLC now owns 2,810 shares of the company’s stock worth $26,000 after acquiring an additional 2,222 shares in the last quarter. Quent Capital LLC bought a new position in shares of Amcor during the third quarter worth about $27,000. AdvisorNet Financial Inc lifted its position in shares of Amcor by 839.8% during the second quarter. AdvisorNet Financial Inc now owns 3,026 shares of the company’s stock worth $28,000 after purchasing an additional 2,704 shares during the last quarter. Bartlett & CO. Wealth Management LLC acquired a new position in Amcor in the second quarter worth about $33,000. Finally, DecisionPoint Financial LLC bought a new stake in Amcor in the second quarter valued at about $34,000. 45.14% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Company Profile

Amcor (NYSE: AMCR) is a global packaging company specializing in the design, development and production of flexible and rigid packaging solutions for food, beverage, pharmaceutical, medical, home and personal care, and other consumer and industrial products. The company’s product portfolio encompasses flexible films, pouches, specialty cartons, rigid containers, metal closures and dispensing systems. Amcor’s packaging solutions are engineered to preserve product quality, extend shelf life and meet the specific requirements of a wide range of end markets.

Founded in its current form in 2005 following a spin-off from a mining conglomerate, Amcor expanded its capabilities and geographic footprint through organic investments and strategic acquisitions.