Morgan Stanley Downgrades Amcor (NYSE:AMCR) to Equal Weight

Amcor (NYSE:AMCR) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Wednesday, Marketbeat.com reports. They currently have a $46.00 target price on the stock. Morgan Stanley’s price target suggests a potential upside of 4.74% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Truist Financial upped their target price on Amcor from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, January 6th. Weiss Ratings restated a “hold (c-)” rating on shares of Amcor in a research report on Wednesday, January 21st. Robert W. Baird raised shares of Amcor from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 7th. Wells Fargo & Company boosted their target price on shares of Amcor from $9.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 20th. Finally, Stifel Nicolaus upgraded Amcor from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.14.

Amcor Stock Down 0.6%

AMCR opened at $43.92 on Wednesday. The company has a fifty day moving average of $42.32 and a two-hundred day moving average of $42.73. The stock has a market capitalization of $20.25 billion, a price-to-earnings ratio of 25.83, a PEG ratio of 1.03 and a beta of 0.68. Amcor has a fifty-two week low of $38.33 and a fifty-two week high of $52.25. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.62 and a current ratio of 1.04.

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

Institutional Investors Weigh In On Amcor

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Amcor by 61.8% in the 2nd quarter. Vanguard Group Inc. now owns 110,228,036 shares of the company’s stock valued at $1,012,996,000 after purchasing an additional 42,122,135 shares during the last quarter. State Street Corp grew its position in Amcor by 41.4% in the second quarter. State Street Corp now owns 129,701,986 shares of the company’s stock worth $1,191,961,000 after acquiring an additional 37,982,310 shares during the period. Norges Bank acquired a new stake in Amcor during the second quarter worth $328,839,000. Charles Schwab Investment Management Inc. raised its position in Amcor by 62.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 80,770,303 shares of the company’s stock valued at $742,279,000 after purchasing an additional 30,938,660 shares during the period. Finally, M&G PLC lifted its stake in shares of Amcor by 26.6% in the 3rd quarter. M&G PLC now owns 108,333,984 shares of the company’s stock valued at $866,672,000 after purchasing an additional 22,737,979 shares during the last quarter. Hedge funds and other institutional investors own 45.14% of the company’s stock.

About Amcor

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.