American Consumer News: Amcor (NYSE:AMCR) Rating Increased to Buy at Zacks Investment Research

Amcor (NYSE: AMCR) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a report released on Friday, Zacks.com reports. The brokerage presently has an $11.00 price objective on the stock. Zacks Investment Research's price target would indicate a potential upside of 14.58% from the company's previous close.

According to Zacks, "Bemis Company, Inc. is a major supplier of flexible and rigid plastic packaging used by leading food, consumer products, healthcare, and other companies worldwide. They work collaboratively with forward-thinking companies to find better ways to succeed. With 59 facilities in 12 countries worldwide, Bemis offers scale and expertise that helps its customers succeed. Bemis has a strong technical base in polymer chemistry, film extrusion, coating and laminating, printing, and converting. Headquartered in Neenah, Wisconsin, Bemis employs approximately 17,000 individuals worldwide. "

A number of other research firms also recently weighed in on AMCR. Jefferies Financial Group downgraded Amcor from a "buy" rating to a "hold" rating in a research note on Thursday, April 23rd. Deutsche Bank raised its price target on Amcor from $7.50 to $9.25 and gave the stock a "buy" rating in a research note on Thursday, April 2nd. BMO Capital Markets initiated coverage on Amcor in a research note on Friday, March 13th. They set a "market perform" rating and a $9.00 price target for the company. Finally, Credit Suisse Group raised Amcor from a "neutral" rating to an "outperform" rating in a research note on Monday, March 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of "Hold" and an average price target of $11.58.

AMCR opened at $9.60 on Friday. Amcor has a fifty-two week low of $5.80 and a fifty-two week high of $11.77. The business has a 50-day moving average of $8.75 and a 200-day moving average of $9.62. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.23, and a quick ratio of 0.73. The company has a market capitalization of $15.21 billion, a PE ratio of 15.74, and a beta of 0.84.

Amcor (NYSE: AMCR) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.11 earnings per share for the quarter, missing the Zacks' consensus estimate of $0.16 by ($0.05). Amcor had a return on equity of 14.91% and a net margin of 4.32%. The firm had revenue of $3.14 billion for the quarter, compared to analysts' expectations of $3.23 billion. During the same period last year, the business earned $0.10 earnings per share. The firm's revenue for the quarter was up 35.4% on a year-over-year basis. On average, equities research analysts expect that Amcor will post 0.63 earnings per share for the current fiscal year.

In other Amcor news, EVP Ian Wilson bought 72,000 shares of the stock in a transaction on Monday, March 16th. The shares were purchased at an average price of $6.60 per share, with a total value of $475,200.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ronald Stephen Delia bought 50,000 shares of the stock in a transaction on Monday, March 16th. The stock was acquired at an average cost of $10.64 per share, for a total transaction of $532,000.00. The disclosure for this purchase can be found here. 0.23% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AMCR. IFP Advisors Inc grew its holdings in Amcor by 34.1% in the 4th quarter. IFP Advisors Inc now owns 8,919 shares of the company's stock valued at $97,000 after buying an additional 2,267 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Amcor by 6.8% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 415,621 shares of the company's stock worth $4,505,000 after purchasing an additional 26,424 shares in the last quarter. State of Michigan Retirement System grew its holdings in shares of Amcor by 0.3% during the 4th quarter. State of Michigan Retirement System now owns 391,800 shares of the company's stock worth $4,247,000 after purchasing an additional 1,200 shares in the last quarter. Fulton Bank N.A. grew its holdings in shares of Amcor by 3.8% during the 4th quarter. Fulton Bank N.A. now owns 61,907 shares of the company's stock worth $671,000 after purchasing an additional 2,292 shares in the last quarter. Finally, Dupont Capital Management Corp grew its holdings in shares of Amcor by 35.0% during the 4th quarter. Dupont Capital Management Corp now owns 26,956 shares of the company's stock worth $292,000 after purchasing an additional 6,984 shares in the last quarter. 30.16% of the stock is currently owned by hedge funds and other institutional investors.

Amcor Company Profile

Amcor plc develops, manufactures, and sells various packaging products for food, beverage, pharmaceutical, medical, home, and personal care, and other products worldwide. It provides flexible packaging products, specialty cartons, plastic bottles and jars, and capsules and closures. The company is based in Bristol, the United Kingdom.

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