Amcor (NYSE:AMCR) Rating Lowered to Equal Weight at Morgan Stanley

Amcor (NYSE:AMCR – Get Rating) was downgraded by investment analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Thursday, MarketBeat reports.

AMCR has been the subject of several other reports. TheStreet upgraded shares of Amcor from a “c” rating to a “b” rating in a research note on Friday, May 13th. CLSA assumed coverage on shares of Amcor in a research note on Tuesday, July 19th. They set a “buy” rating for the company. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $12.70.

Amcor Price Performance

Shares of Amcor stock opened at $12.27 on Thursday. The stock has a market capitalization of $18.44 billion, a price-to-earnings ratio of 19.79, a PEG ratio of 2.15 and a beta of 0.75. Amcor has a 1-year low of $10.66 and a 1-year high of $13.60. The firm has a fifty day simple moving average of $12.61 and a 200-day simple moving average of $12.12. The company has a current ratio of 1.39, a quick ratio of 0.85 and a debt-to-equity ratio of 1.57.

Amcor (NYSE:AMCR – Get Rating) last released its earnings results on Tuesday, May 3rd. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.20 by $0.01. The firm had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.40 billion. Amcor had a net margin of 6.75% and a return on equity of 26.05%. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.17 EPS. On average, sell-side analysts expect that Amcor will post 0.8 earnings per share for the current year.

Insider Activity

In other news, insider Michael J. Zacka sold 33,500 shares of the stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $13.16, for a total value of $440,860.00. Following the completion of the transaction, the insider now owns 172,270 shares in the company, valued at approximately $2,267,073.20. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Michael J. Zacka sold 33,500 shares of the company’s stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $13.16, for a total value of $440,860.00. Following the sale, the insider now owns 172,270 shares of the company’s stock, valued at approximately $2,267,073.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Michael J. Zacka sold 846,507 shares of the company’s stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $12.66, for a total transaction of $10,716,778.62. Following the completion of the sale, the insider now directly owns 112,348 shares in the company, valued at approximately $1,422,325.68. The disclosure for this sale can be found here. Corporate insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On Amcor

Several large investors have recently made changes to their positions in AMCR. Allspring Global Investments Holdings LLC bought a new stake in Amcor during the 4th quarter worth about $1,985,000. Commonwealth Equity Services LLC grew its holdings in Amcor by 0.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 598,620 shares of the company’s stock worth $7,189,000 after acquiring an additional 3,187 shares during the last quarter. CWM LLC bought a new stake in Amcor during the 4th quarter worth about $43,000. Xponance Inc. grew its holdings in Amcor by 22.7% during the 4th quarter. Xponance Inc. now owns 96,721 shares of the company’s stock worth $1,162,000 after acquiring an additional 17,910 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its holdings in Amcor by 1.1% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 857,710 shares of the company’s stock worth $10,301,000 after acquiring an additional 9,200 shares during the last quarter. Institutional investors own 43.56% of the company’s stock.

About Amcor

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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.