Amcor Faces Analysts' Scrutiny as Price Target Adjustments Roll In - Kalkine Media

November 07, 2023 05:33 PM AEDT | By Team Kalkine Media
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Introduction

Amcor plc (NYSE: AMCR) recently saw its price target lowered by research analysts at Truist Financial, who revised it from $11.00 to $10.00. This adjustment comes amidst a flurry of activity in the stock market, prompting investors and analysts to closely monitor the company's performance. In this article, we will delve into the recent developments surrounding Amcor, including analyst ratings, stock performance, and insider transactions, providing a comprehensive overview of the current state of the company.

Analyst Ratings

Apart from Truist Financials’ revision, other brokerages have also weighed in on Amcor. Bank of America downgraded Amcor from a "buy" rating to an "underperform" rating, indicating a more cautious stance. Additionally, TheStreet adjusted their rating from "b-" to "c+." Overall, the consensus rating for Amcor, as per data from MarketBeat.com, currently stands at "Hold," with an average price target of $10.40.

Stock Performance

As of the latest available data, Amcor opened at $9.11 on Friday, revealing a slight increase in stock value. The company boasts a market capitalization of $13.18 billion, with a price-to-earnings ratio of 13.80 and a beta of 0.80, indicating a moderate level of volatility. Amcor's 50-day moving average price is $9.08, while its 200-day moving average price stands at $9.73. The stock's 52-week range spans from a low of $8.45 to a high of $12.78, showcasing some fluctuation in value over the past year.

Earnings Report Highlights

Amcor last released its quarterly earnings data on Wednesday, August 16th. The company reported earnings of $0.19 per share for the quarter, slightly surpassing the consensus estimate of $0.18. The firm demonstrated a net margin of 6.72% and a return on equity of 24.92%. However, the reported revenue of $3.67 billion fell short of analysts' expectations, which were set at $3.87 billion. Looking ahead, equities research analysts anticipate that Amcor will post earnings per share of $0.68 for the current year.

Insider Transactions

Director Arun Nayar executed a notable transaction on Wednesday, August 23rd, selling 30,000 shares of Amcor stock at an average price of $9.40. Following the sale, Nayar now holds 45,072 shares valued at approximately $423,676.80. This transaction was disclosed in accordance with SEC regulations, highlighting transparency in the company's operations. Overall, corporate insiders own 0.69% of Amcor's outstanding shares.

Hedge Funds' Involvement

Several hedge funds and institutional investors have recently made adjustments to their holdings of Amcor stock. Raymond James & Associates increased their position in the company by 13.9% during the first quarter, now owning 222,899 shares valued at $2,525,000. Private Advisor Group LLC also boosted their position by 33.0%, holding 26,878 shares valued at $304,000. Other institutions, such as Natixis Advisors L.P., Commonwealth of Pennsylvania Public School Empls Retrmt SYS, and Vontobel Holding Ltd., have also adjusted their positions in Amcor, collectively owning 49.52% of the company's stock.

Conclusion

Amcor's recent price target adjustment and analyst ratings reflect a dynamic market environment. While some analysts have adopted a more cautious outlook, others maintain a hold rating. The company's stock performance and earnings report indicate a mixed picture, warranting continued vigilance from investors. Additionally, insider transactions and institutional investments provide further insight into the sentiment surrounding Amcor. 


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