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Zurich-based Amcor plc (AMCR) develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. With a market cap of $15 billion, Amcor offers flexible and rigid packaging, specialty cartons, and closures, helping companies protect their products and differentiate their brands.
The packaging giant has underperformed the broader market over the past year. Over the past 52 weeks, AMCR stock is up 9.3% compared to the S&P 500 Index’s ($SPX) 18.2% returns. In 2024 alone, AMCR gained 10.1%, but it still trailed behind the SPX’s 11.5% gains over the same time frame.
Narrowing the focus, AMCR has outpaced the S&P 500 Materials Sector SPDR’s (XLB) 6.5% returns over the past year and 3.6% gains on a YTD basis.
AMCR stock is currently trading near its 52-week high of $10.64, achieved on Aug. 7. The stock has recently witnessed increasing interest from institutional investors, which could be one of the primary reasons its share prices have surged by 10.2% over the past month.
On Apr. 30, AMCR reported its Q3 earnings results, smashing past its bottom-line estimates, and the stock gained over 9% in the subsequent trading session. Moreover, it repurchased approximately 3 million shares during the nine months that ended March 31, 2024, for roughly $30 million, which suggests the company's strong commitment to returning value to shareholders.
For the current fiscal year (ended June 2024), due out on Aug. 15, analysts anticipate the company’s EPS to decline by 4.1% annually to $0.70. The company has a history of beating the consensus estimates in its quarterly reports. In the last reported quarter, Amcor surpassed the EPS projections by 5.9%.
Among the nine analysts covering the AMCR stock, the consensus rating is a “Hold.” That’s based on one “Strong Buy” rating, six “Holds,” one “Moderate Buy,” and one “Strong Sell.”
The configuration has been almost consistent over the past months.
Although AMCR is trading above its mean price target of $9.93, the Street-high target of $10.83 represents a premium of 2.1% from current price levels.
On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
