Amcor (NYSE:AMCR) Now Covered by Analysts at Jefferies Financial Group

Equities research analysts at Jefferies Financial Group assumed coverage on shares of Amcor (NYSE:AMCR) in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage set a “buy” rating and a $12.00 price target on the stock. Jefferies Financial Group’s price target points to a potential upside of 25.46% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. Truist Financial cut their target price on Amcor from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. UBS Group upgraded shares of Amcor from a “neutral” rating to a “buy” rating in a research report on Thursday, June 26th. Wells Fargo & Company started coverage on shares of Amcor in a research note on Thursday, June 26th. They set an “overweight” rating and a $10.00 target price for the company. Finally, Raymond James Financial started coverage on shares of Amcor in a research note on Tuesday, April 22nd. They issued a “market perform” rating on the stock. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Amcor has an average rating of “Moderate Buy” and a consensus price target of $11.30.

Amcor Stock Performance

Shares of NYSE AMCR opened at $9.57 on Wednesday. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 2.24. The firm’s 50-day moving average price is $9.20 and its two-hundred day moving average price is $9.51. Amcor has a 52-week low of $8.37 and a 52-week high of $11.48. The stock has a market capitalization of $13.82 billion, a P/E ratio of 17.08, a P/E/G ratio of 2.34 and a beta of 0.73.

Amcor (NYSE:AMCR) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. Amcor had a return on equity of 26.49% and a net margin of 5.99%. The business had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.51 billion. During the same quarter last year, the business posted $0.13 EPS. The business’s revenue was down 2.3% on a year-over-year basis. As a group, sell-side analysts forecast that Amcor will post 0.74 earnings per share for the current year.

Hedge Funds Weigh In On Amcor

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of Amcor by 15.5% in the first quarter. Vanguard Group Inc. now owns 68,105,901 shares of the company’s stock valued at $660,627,000 after acquiring an additional 9,119,308 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Amcor by 8.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 49,831,643 shares of the company’s stock worth $483,367,000 after purchasing an additional 3,778,714 shares during the period. Geode Capital Management LLC lifted its position in Amcor by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 36,856,793 shares of the company’s stock worth $345,952,000 after purchasing an additional 539,756 shares during the period. Invesco Ltd. boosted its stake in Amcor by 9.5% during the 1st quarter. Invesco Ltd. now owns 33,314,287 shares of the company’s stock valued at $323,149,000 after purchasing an additional 2,889,166 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Amcor by 9.8% during the 1st quarter. Wellington Management Group LLP now owns 30,707,205 shares of the company’s stock valued at $297,860,000 after purchasing an additional 2,735,320 shares during the period. Institutional investors and hedge funds 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.