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

Amcor (NYSE:AMCR) had its price objective increased by investment analysts at Wells Fargo & Company from $9.00 to $48.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 15.18% from the stock’s previous close.

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

Amcor Trading Up 1.8%

Shares of AMCR traded up $0.74 during mid-day trading on Tuesday, reaching $41.68. The stock had a trading volume of 2,620,692 shares, compared to its average volume of 4,314,621. Amcor has a 52-week low of $38.33 and a 52-week high of $52.25. The firm has a market cap of $19.22 billion, a price-to-earnings ratio of 24.51, a P/E/G ratio of 0.95 and a beta of 0.68. The business’s fifty day moving average is $42.12 and its 200 day moving average is $42.93. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.04 and a quick ratio of 0.62.

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

Hedge Funds Weigh In On Amcor

A number of institutional investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue raised its stake in shares of Amcor by 51.6% during the second quarter. State of Alaska Department of Revenue now owns 464,293 shares of the company’s stock valued at $4,266,000 after purchasing an additional 158,082 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Amcor by 71.4% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,446,429 shares of the company’s stock valued at $22,483,000 after buying an additional 1,019,306 shares during the period. Sound Income Strategies LLC grew its holdings in Amcor by 54,855.7% during the second quarter. Sound Income Strategies LLC now owns 605,062 shares of the company’s stock worth $5,561,000 after acquiring an additional 603,961 shares during the period. Prudential Financial Inc. raised its position in Amcor by 124.5% in the second quarter. Prudential Financial Inc. now owns 395,591 shares of the company’s stock worth $3,635,000 after acquiring an additional 219,390 shares in the last quarter. Finally, Norges Bank acquired a new stake in Amcor during the second quarter valued at approximately $328,839,000. 45.14% of the stock is owned by institutional investors and hedge funds.

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.