Amcor (NYSE:AMCR) Given New $53.00 Price Target at Truist Financial

Amcor (NYSE:AMCR) had its target price hoisted by Truist Financial from $51.00 to $53.00 in a research note published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also recently weighed in on AMCR. Deutsche Bank Aktiengesellschaft cut Amcor from a “buy” rating to a “hold” rating in a report on Thursday. UBS Group began coverage on Amcor in a report on Tuesday, August 11th. They set a “buy” rating and a $56.00 target price on the stock. JPMorgan Chase & Co. cut Amcor from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $44.00 to $47.00 in a research report on Monday, August 17th. BMO Capital Markets started coverage on Amcor in a research note on Thursday, July 16th. They issued a “market perform” rating and a $47.00 price target for the company. Finally, Weiss Ratings raised shares of Amcor from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Amcor currently has an average rating of “Moderate Buy” and a consensus price target of $49.54.

Amcor Stock Down 5.2%

Shares of AMCR opened at $45.97 on Thursday. Amcor has a 12 month low of $36.25 and a 12 month high of $50.94. The firm’s 50 day moving average is $44.03 and its 200-day moving average is $43.15. The stock has a market capitalization of $21.26 billion, a PE ratio of 12.12, a P/E/G ratio of 3.03 and a beta of 0.56. The company has a current ratio of 1.25, a quick ratio of 0.76 and a debt-to-equity ratio of 1.17.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.01). The company had revenue of $6.13 billion during the quarter, compared to the consensus estimate of $5.75 billion. Amcor had a net margin of 4.55% and a return on equity of 15.86%. During the same quarter last year, the firm posted $0.11 earnings per share. Equities research analysts forecast that Amcor will post 1.83 EPS for the current year.

Amcor Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, November 25th will be given a dividend of $0.66 per share. This is an increase from Amcor’s previous quarterly dividend of $0.65. This represents a $2.64 annualized dividend and a yield of 5.7%. The ex-dividend date is Wednesday, November 25th. Amcor’s dividend payout ratio (DPR) is presently 110.17%.

Institutional Investors Weigh In On Amcor

Large investors have recently modified their holdings of the business. M&G PLC bought a new stake in shares of Amcor during the 3rd quarter valued at approximately $1,109,726,000. Bank of New York Mellon Corp bought a new stake in shares of Amcor during the second quarter worth about $90,556,000. Rubric Capital Management LP bought a new stake in shares of Amcor during the first quarter worth about $50,458,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Amcor by 2.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,162,944 shares of the company’s stock worth $48,681,000 after purchasing an additional 22,471 shares during the last quarter. Finally, Ancora Advisors LLC acquired a new position in shares of Amcor in the second quarter valued at approximately $39,470,000. Institutional investors and hedge funds own 45.14% of the company’s stock.

More Amcor News

Here are the key news stories impacting Amcor this week:

• Positive Sentiment: Revenue was $6.13 billion, above the $5.75 billion consensus, with higher volumes supporting growth. Amcor earnings and outlook
• Positive Sentiment: Amcor raised its quarterly dividend 1.5% to $0.66 per share, equivalent to a $2.64 annualized payout. This may support the stock’s appeal to income-focused investors.
• Positive Sentiment: Truist raised its price target to $53 from $51 and maintained a Buy rating. Truist price target update
• Neutral Sentiment: Amcor’s DecoFusion tube received a sustainability technology award, while a separate lightweight closure launch was promoted for improved recyclability. These product developments could support its sustainability positioning over time. DecoFusion award Lightweight closure
• Negative Sentiment: Quarterly EPS of $0.95 narrowly missed the $0.96 estimate. Amcor also cut its transition-period EPS outlook, citing higher costs, raising concern that cost pressures may weigh on near-term earnings. Amcor earnings and outlook
• Negative Sentiment: Deutsche Bank downgraded Amcor from Buy to Hold, adding a more cautious analyst view. Deutsche Bank rating information

Amcor Company Profile

Amcor plc (NYSE: AMCR) is a global packaging company that develops and produces packaging solutions for food, beverage, pharmaceutical, medical, personal care, household, and other consumer and industrial products. Its offerings include flexible packaging, rigid containers, closures, bottles, specialty cartons, and related packaging systems designed to protect products, support supply chains, and improve convenience and sustainability.

The company serves customers across North America, Latin America, Europe, Asia-Pacific, and other international markets.