Amcor (NYSE:AMCR) Price Target Raised to $10.00 at JPMorgan Chase & Co.

Amcor (NYSE:AMCR) had its price target boosted by JPMorgan Chase & Co. from $9.90 to $10.00 in a research note published on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

Amcor Price Performance

Amcor stock opened at $9.80 on Wednesday. The stock has a market cap of $14.16 billion, a price-to-earnings ratio of 22.26, a price-to-earnings-growth ratio of 9.95 and a beta of 0.78. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.25 and a quick ratio of 0.71. Amcor has a 1 year low of $8.45 and a 1 year high of $11.04. The firm has a 50-day moving average of $9.20 and a two-hundred day moving average of $9.28.

Amcor (NYSE:AMCR) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.01. The company had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.49 billion. Amcor had a net margin of 4.59% and a return on equity of 24.28%. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 EPS. On average, research analysts forecast that Amcor will post 0.68 earnings per share for the current year.

Amcor Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Wednesday, May 22nd will be given a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $0.50 annualized dividend and a dividend yield of 5.10%. Amcor’s payout ratio is presently 113.64%.

Institutional Investors Weigh In On Amcor

Hedge funds have recently modified their holdings of the business. CWM LLC raised its stake in shares of Amcor by 19.9% during the 3rd quarter. CWM LLC now owns 9,872 shares of the company’s stock worth $90,000 after acquiring an additional 1,636 shares in the last quarter. Simplicity Solutions LLC raised its stake in shares of Amcor by 3.2% during the 3rd quarter. Simplicity Solutions LLC now owns 46,419 shares of the company’s stock worth $425,000 after acquiring an additional 1,450 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Amcor by 7.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 720,288 shares of the company’s stock worth $6,598,000 after acquiring an additional 48,499 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of Amcor by 5.5% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 100,361 shares of the company’s stock worth $919,000 after acquiring an additional 5,255 shares in the last quarter. Finally, Xponance Inc. raised its stake in shares of Amcor by 2.9% during the 3rd quarter. Xponance Inc. now owns 218,324 shares of the company’s stock worth $2,000,000 after acquiring an additional 6,162 shares in the last quarter. Hedge funds and other institutional investors own 45.14% 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.