JPMorgan Chase & Co. Raises Amcor (NYSE:AMCR) Price Target to $10.00

Amcor (NYSE:AMCR) had its target price raised by JPMorgan Chase & Co. from $9.90 to $10.00 in a research report sent to investors on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Amcor Stock Performance

AMCR stock opened at $10.01 on Wednesday. Amcor has a 1-year low of $8.45 and a 1-year high of $10.53. The business’s 50-day moving average price is $9.21 and its two-hundred day moving average price is $9.28. The firm has a market cap of $14.47 billion, a PE ratio of 22.24, a P/E/G ratio of 10.53 and a beta of 0.79. The company has a current ratio of 0.35, a quick ratio of 0.71 and a debt-to-equity ratio of 1.74.

Amcor (NYSE:AMCR) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.01. Amcor had a return on equity of 24.66% and a net margin of 4.75%. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.49 billion. During the same period last year, the company earned $0.18 earnings per share. Amcor’s quarterly revenue was down 7.0% on a year-over-year basis. As a group, research analysts forecast that Amcor will post 0.7 earnings per share for the current year.

Amcor Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Wednesday, May 22nd will be issued a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, May 21st. This represents a $0.50 dividend on an annualized basis and a dividend yield of 5.00%. Amcor’s payout ratio is 111.11%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AMCR. Wealth Alliance grew its position in shares of Amcor by 1.9% during the 4th quarter. Wealth Alliance now owns 55,592 shares of the company’s stock worth $536,000 after purchasing an additional 1,061 shares in the last quarter. Czech National Bank increased its stake in Amcor by 0.5% during the 1st quarter. Czech National Bank now owns 254,309 shares of the company’s stock worth $2,418,000 after acquiring an additional 1,166 shares during the period. Global Retirement Partners LLC raised its holdings in Amcor by 17.0% in the 4th quarter. Global Retirement Partners LLC now owns 8,397 shares of the company’s stock valued at $80,000 after acquiring an additional 1,222 shares in the last quarter. Park Avenue Securities LLC lifted its position in shares of Amcor by 3.9% during the 3rd quarter. Park Avenue Securities LLC now owns 34,023 shares of the company’s stock valued at $312,000 after acquiring an additional 1,279 shares during the period. Finally, Coldstream Capital Management Inc. grew its holdings in shares of Amcor by 9.8% during the 3rd quarter. Coldstream Capital Management Inc. now owns 14,643 shares of the company’s stock worth $134,000 after purchasing an additional 1,303 shares in the last quarter. 45.14% of the stock is currently owned by institutional investors.

Amcor Company Profile

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.