Amcor (NYSE:AMCR) Hits New 52-Week High on Analyst Upgrade

Shares of Amcor plc (NYSE:AMCR) reached a new 52-week high during trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $10.00 to $11.10. JPMorgan Chase & Co. currently has an overweight rating on the stock. Amcor traded as high as $10.70 and last traded at $10.65, with a volume of 565616 shares traded. The stock had previously closed at $10.50.

Several other brokerages have also weighed in on AMCR. Wells Fargo & Company assumed coverage on Amcor in a research report on Friday, June 28th. They issued an “equal weight” rating and a $9.80 target price on the stock. Stifel Nicolaus started coverage on Amcor in a research note on Tuesday, July 9th. They issued a “hold” rating and a $10.80 price target for the company. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Amcor has a consensus rating of “Hold” and a consensus target price of $10.43.

Hedge Funds Weigh In On Amcor

Several institutional investors have recently bought and sold shares of the stock. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Amcor by 12.3% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 246,555 shares of the company’s stock valued at $2,377,000 after acquiring an additional 27,077 shares in the last quarter. Teacher Retirement System of Texas grew its stake in shares of Amcor by 173.4% in the fourth quarter. Teacher Retirement System of Texas now owns 311,839 shares of the company’s stock worth $3,006,000 after acquiring an additional 197,760 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in Amcor by 40.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 743,325 shares of the company’s stock worth $7,069,000 after acquiring an additional 214,458 shares during the period. Empowered Funds LLC raised its stake in Amcor by 244.2% during the 1st quarter. Empowered Funds LLC now owns 103,655 shares of the company’s stock valued at $986,000 after purchasing an additional 73,541 shares during the last quarter. Finally, CHURCHILL MANAGEMENT Corp boosted its holdings in Amcor by 60.0% in the 1st quarter. CHURCHILL MANAGEMENT Corp now owns 601,225 shares of the company’s stock valued at $5,718,000 after purchasing an additional 225,441 shares during the period. 45.14% of the stock is currently owned by institutional investors.

Amcor Stock Up 0.7 %

The firm’s 50-day simple moving average is $10.06 and its 200-day simple moving average is $9.65. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.75 and a current ratio of 1.29. The company has a market capitalization of $15.28 billion, a price-to-earnings ratio of 23.34, a price-to-earnings-growth ratio of 4.64 and a beta of 0.86.

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.