Truist Financial Issues Pessimistic Forecast for Amcor (NYSE:AMCR) Stock Price

Amcor (NYSE:AMCR) had its target price reduced by research analysts at Truist Financial from $12.00 to $11.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 15.24% from the company’s current price.

A number of other research analysts have also recently issued reports on the company. Jefferies Financial Group raised Amcor from a “hold” rating to a “buy” rating in a report on Monday, February 3rd. Citigroup raised shares of Amcor from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $11.00 to $12.00 in a report on Monday, January 6th. Finally, Raymond James initiated coverage on Amcor in a research report on Tuesday. They set a “market perform” rating on the stock. Four analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.31.

Amcor Stock Performance

AMCR traded up $0.24 during trading on Tuesday, reaching $9.55. 18,585,944 shares of the company’s stock were exchanged, compared to its average volume of 15,175,536. The company has a market capitalization of $13.80 billion, a P/E ratio of 17.35, a PEG ratio of 1.96 and a beta of 0.78. The company has a quick ratio of 0.71, a current ratio of 1.26 and a debt-to-equity ratio of 1.80. The business has a 50 day moving average price of $9.71 and a 200 day moving average price of $10.00. Amcor has a fifty-two week low of $8.37 and a fifty-two week high of $11.48.

Amcor (NYSE:AMCR) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.16. The firm had revenue of $3.24 billion during the quarter, compared to analyst estimates of $3.33 billion. Amcor had a net margin of 5.89% and a return on equity of 26.14%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.09 earnings per share. As a group, analysts predict that Amcor will post 0.74 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Achal Agarwal purchased 10,000 shares of Amcor stock in a transaction dated Thursday, February 27th. The shares were acquired at an average cost of $10.10 per share, for a total transaction of $101,000.00. Following the transaction, the director now directly owns 88,967 shares of the company’s stock, valued at approximately $898,566.70. This trade represents a 12.66 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Amcor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AMCR. UMB Bank n.a. grew its holdings in Amcor by 20.0% during the first quarter. UMB Bank n.a. now owns 6,386 shares of the company’s stock valued at $62,000 after purchasing an additional 1,066 shares during the period. CWA Asset Management Group LLC lifted its holdings in Amcor by 3.9% during the fourth quarter. CWA Asset Management Group LLC now owns 32,343 shares of the company’s stock worth $304,000 after acquiring an additional 1,213 shares in the last quarter. Virtue Capital Management LLC grew its position in shares of Amcor by 2.8% in the 4th quarter. Virtue Capital Management LLC now owns 45,924 shares of the company’s stock valued at $432,000 after purchasing an additional 1,259 shares during the period. Utah Retirement Systems increased its position in shares of Amcor by 1.1% during the fourth quarter. Utah Retirement Systems now owns 120,076 shares of the company’s stock worth $1,130,000 after acquiring an additional 1,300 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC raised its holdings in shares of Amcor by 11.3% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 13,892 shares of the company’s stock worth $131,000 after acquiring an additional 1,409 shares during the period. 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.