Wells Fargo & Company Increases Amcor (NYSE:AMCR) Price Target to $10.80

Amcor (NYSE:AMCR) had its price target raised by investment analysts at Wells Fargo & Company from $10.50 to $10.80 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 4.85% from the stock’s current price.

A number of other equities analysts have also weighed in on the stock. Robert W. Baird upped their target price on shares of Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Friday, August 16th. Stifel Nicolaus assumed coverage on Amcor in a research report on Tuesday, July 9th. They set a “hold” rating and a $10.80 price objective for the company. Citigroup boosted their target price on Amcor from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. lifted their price objective on Amcor from $10.00 to $11.10 and gave the stock an “overweight” rating in a research note on Tuesday, August 13th. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $10.78.

Amcor Price Performance

Shares of AMCR traded up $0.01 during mid-day trading on Tuesday, reaching $11.35. The stock had a trading volume of 330,384 shares, compared to its average volume of 8,902,057. The firm has a market cap of $16.40 billion, a price-to-earnings ratio of 25.22, a PEG ratio of 2.72 and a beta of 0.85. Amcor has a 12 month low of $8.45 and a 12 month high of $11.48. The business has a fifty day moving average of $11.03 and a 200 day moving average of $10.23. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.69 and a current ratio of 1.17.

Amcor (NYSE:AMCR) last announced its quarterly earnings data on Thursday, August 15th. The company reported $0.21 EPS for the quarter, meeting the consensus estimate of $0.21. Amcor had a return on equity of 25.45% and a net margin of 5.35%. The business had revenue of $3.54 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the business earned $0.19 earnings per share. The business’s revenue was down 3.8% on a year-over-year basis. Equities analysts predict that Amcor will post 0.75 EPS for the current year.

Institutional Trading of Amcor

A number of institutional investors have recently bought and sold shares of AMCR. M&G Plc boosted its holdings in Amcor by 2,741.7% during the 2nd quarter. M&G Plc now owns 47,164,358 shares of the company’s stock valued at $471,644,000 after acquiring an additional 45,504,608 shares during the period. Wellington Management Group LLP bought a new stake in shares of Amcor in the 4th quarter valued at about $155,438,000. AQR Capital Management LLC lifted its position in shares of Amcor by 356.1% in the 2nd quarter. AQR Capital Management LLC now owns 2,930,317 shares of the company’s stock worth $28,659,000 after purchasing an additional 2,287,826 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Amcor by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 20,604,159 shares of the company’s stock worth $195,946,000 after buying an additional 2,086,698 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Amcor by 11.6% during the second quarter. Dimensional Fund Advisors LP now owns 14,721,829 shares of the company’s stock worth $143,989,000 after buying an additional 1,527,492 shares during the period. 45.14% of the stock is currently owned by 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.