Zacks Investment Research Downgrades Amcor (NYSE:AMCR) to Hold


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Amcor (NYSE:AMCR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Amcor plc engages in developing and producing packaging for food, beverage, pharmaceutical, medical, home- and personal-care and other products. Amcor plc, formerly known as Bemis Company Inc., is based in ZURICH, Switzerland. “

Several other research firms have also recently issued reports on AMCR. Smith Barney Citigroup cut Amcor from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 5th. BMO Capital Markets raised Amcor from a “market perform” rating to an “outperform” rating and upped their target price for the company from $11.00 to $13.00 in a report on Thursday, February 4th. UBS Group raised Amcor from a “neutral” rating to a “buy” rating in a report on Wednesday, February 3rd. Deutsche Bank Aktiengesellschaft lowered Amcor from a “buy” rating to a “hold” rating and set a $12.00 target price on the stock. in a report on Wednesday, January 20th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell reaffirmed a “neutral” rating and issued a $13.00 target price on shares of Amcor in a report on Tuesday, January 5th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. Amcor has an average rating of “Hold” and a consensus target price of $12.57.

AMCR traded down $0.06 during trading on Thursday, reaching $11.57. 197,633 shares of the company were exchanged, compared to its average volume of 6,838,129. The stock has a market cap of $18.07 billion, a P/E ratio of 18.08, a PEG ratio of 2.02 and a beta of 0.80. The firm has a 50 day moving average of $11.53 and a 200 day moving average of $11.39. The company has a current ratio of 1.27, a quick ratio of 0.78 and a debt-to-equity ratio of 1.34. Amcor has a 52 week low of $8.08 and a 52 week high of $12.40.

Amcor (NYSE:AMCR) last issued its quarterly earnings data on Monday, February 1st. The company reported $0.18 EPS for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.01. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.10 billion. Amcor had a return on equity of 18.75% and a net margin of 6.00%. The firm’s revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.16 EPS. As a group, analysts forecast that Amcor will post 0.71 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in AMCR. Norges Bank acquired a new stake in Amcor during the 4th quarter valued at $76,730,000. Morgan Stanley increased its holdings in Amcor by 214.6% during the 3rd quarter. Morgan Stanley now owns 4,684,477 shares of the company’s stock valued at $51,764,000 after purchasing an additional 3,195,628 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Amcor by 9.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,949,341 shares of the company’s stock valued at $258,344,000 after purchasing an additional 1,956,166 shares in the last quarter. Nuveen Asset Management LLC increased its holdings in Amcor by 12.6% during the 4th quarter. Nuveen Asset Management LLC now owns 7,196,607 shares of the company’s stock valued at $84,703,000 after purchasing an additional 804,821 shares in the last quarter. Finally, Brandywine Global Investment Management LLC increased its stake in shares of Amcor by 106.7% in the 4th quarter. Brandywine Global Investment Management LLC now owns 1,479,021 shares of the company’s stock valued at $17,408,000 after buying an additional 763,605 shares during the period. 34.95% of the stock is owned by hedge funds and other institutional investors.

Amcor Company Profile

Amcor plc develops, manufactures, and sells various packaging products for food, beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries worldwide. It operates through two segments, Flexibles and Rigid Packaging. The company provides flexible packaging products, rigid packaging containers, specialty cartons, and closures.

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