Short Interest in Amcor plc (NYSE:AMCR) Increases By 20.8%

Amcor plc (NYSE:AMCR) was the recipient of a large increase in short interest in the month of January. As of January 15th, there was short interest totalling 81,170,000 shares, an increase of 20.8% from the December 31st total of 67,200,000 shares. Based on an average daily volume of 12,860,000 shares, the short-interest ratio is currently 6.3 days. Approximately 5.6% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AMCR. Macquarie upgraded shares of Amcor from a “neutral” rating to an “outperform” rating in a research note on Wednesday, November 27th. UBS Group upgraded shares of Amcor from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 11th. Wells Fargo & Company lifted their target price on shares of Amcor from $10.50 to $10.80 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. Bank of America upgraded shares of Amcor from an “underperform” rating to a “buy” rating and set a $12.50 price target for the company in a research note on Wednesday, December 11th. Finally, Truist Financial upgraded Amcor from a “hold” rating to a “buy” rating and raised their target price for the stock from $10.00 to $12.00 in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.46.

Hedge Funds Weigh In On Amcor

Several large investors have recently made changes to their positions in AMCR. Larson Financial Group LLC boosted its holdings in Amcor by 3,410.3% during the third quarter. Larson Financial Group LLC now owns 2,387 shares of the company’s stock worth $27,000 after buying an additional 2,319 shares during the last quarter. Rise Advisors LLC acquired a new position in Amcor during the third quarter valued at approximately $35,000. ORG Wealth Partners LLC bought a new stake in Amcor in the third quarter valued at approximately $35,000. True Wealth Design LLC raised its holdings in Amcor by 3,794.1% in the third quarter. True Wealth Design LLC now owns 3,310 shares of the company’s stock worth $38,000 after purchasing an additional 3,225 shares during the period. Finally, Signaturefd LLC raised its holdings in Amcor by 296.3% in the third quarter. Signaturefd LLC now owns 4,336 shares of the company’s stock worth $49,000 after purchasing an additional 3,242 shares during the period. Institutional investors and hedge funds own 45.14% of the company’s stock.

Amcor Price Performance

NYSE:AMCR traded down $0.06 during mid-day trading on Friday, reaching $9.70. 28,181,732 shares of the company were exchanged, compared to its average volume of 14,477,186. Amcor has a 12 month low of $8.78 and a 12 month high of $11.48. The stock has a market cap of $14.01 billion, a PE ratio of 18.29, a PEG ratio of 1.86 and a beta of 0.84. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 1.80. The company has a fifty day moving average of $9.80 and a 200 day moving average of $10.45.

Amcor (NYSE:AMCR) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.16 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.16. The business had revenue of $3.35 billion during the quarter, compared to analyst estimates of $1.33 billion. Amcor had a net margin of 5.68% and a return on equity of 25.60%. Amcor’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.16 earnings per share. On average, research analysts anticipate that Amcor will post 0.74 EPS for the current fiscal year.

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.