Citigroup Upgrades Amcor (NYSE:AMCR) to Buy

Amcor (NYSE:AMCR) was upgraded by Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Monday, Marketbeat.com reports. The brokerage currently has a $12.00 target price on the stock, up from their previous target price of $11.00. Citigroup’s price objective indicates a potential upside of 26.18% from the stock’s previous close.

AMCR has been the topic of a number of other research reports. Macquarie raised shares of Amcor from a “neutral” rating to an “outperform” rating in a report on Wednesday, November 27th. UBS Group upgraded shares of Amcor from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 11th. Truist Financial upgraded shares of Amcor from a “hold” rating to a “buy” rating and raised their price target for the company from $10.00 to $12.00 in a research note on Monday. Wells Fargo & Company increased their price target on Amcor from $10.50 to $10.80 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Finally, Bank of America raised Amcor from an “underperform” rating to a “buy” rating and set a $12.50 target price for the company in a research note on Wednesday, December 11th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Amcor currently has a consensus rating of “Moderate Buy” and an average price target of $11.46.

Amcor Stock Performance

Amcor stock opened at $9.51 on Monday. The stock’s 50-day moving average is $10.03 and its 200-day moving average is $10.46. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.29 and a quick ratio of 0.74. Amcor has a 12 month low of $8.78 and a 12 month high of $11.48. The company has a market cap of $13.75 billion, a price-to-earnings ratio of 17.94, a price-to-earnings-growth ratio of 1.80 and a beta of 0.84.

Amcor (NYSE:AMCR) last announced its earnings results on Thursday, October 31st. The company reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. Amcor had a return on equity of 25.60% and a net margin of 5.68%. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the firm earned $0.16 earnings per share. The company’s revenue was down 2.6% on a year-over-year basis. Equities analysts anticipate that Amcor will post 0.74 earnings per share for the current year.

Hedge Funds Weigh In On Amcor

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC boosted its holdings in shares of Amcor by 3,410.3% in the 3rd quarter. Larson Financial Group LLC now owns 2,387 shares of the company’s stock valued at $27,000 after buying an additional 2,319 shares during the last quarter. Rise Advisors LLC bought a new position in shares of Amcor in the 3rd quarter valued at about $35,000. ORG Wealth Partners LLC acquired a new position in shares of Amcor during the 3rd quarter worth about $35,000. True Wealth Design LLC raised its holdings in shares of Amcor by 3,794.1% in the 3rd quarter. True Wealth Design LLC now owns 3,310 shares of the company’s stock valued at $38,000 after purchasing an additional 3,225 shares during the period. Finally, Signaturefd LLC raised its holdings in shares of Amcor by 296.3% in the 3rd quarter. Signaturefd LLC now owns 4,336 shares of the company’s stock valued at $49,000 after purchasing an additional 3,242 shares during the period. Institutional investors own 45.14% of the company’s stock.

Amcor Company Profile

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.