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Amcor plc (AMCR), headquartered in Zurich, Switzerland, is a global leader in responsible packaging for food, beverage, pharmaceutical, medical, and personal care products with a market cap of $15 billion. It offers flexible and rigid packaging, specialty cartons, and closures, helping companies protect their products and differentiate their brands. The company is expected to announce its fiscal 2024 Q4 earnings results on Wednesday, Aug. 21.
Ahead of the event, analysts expect AMCR to report a profit of $0.20 per share, up 5.3% from $0.19 per share in the year-ago quarter. The company has surpassed Wall Street's bottom-line estimates in each of the past four quarters. The company reported an EPS of $0.18 in the most recently reported quarter, which beat the consensus estimate by 5.9%.
For fiscal 2024, analysts expect Amcor to report EPS of $0.70, down 4.1% from $0.73 in fiscal 2023. However, over the longer term, the company’s EPS is projected to rise 5.7% annually to $0.74 in fiscal year 2025.
AMCR stock soared 2% over the past 52 weeks, significantly underperforming the S&P 500 Index's ($SPX) 19.2% gains and the S&P 500 Consumer Discretionary Sector SPDR’s (XLY) 7.5% returns over the same time frame.
On Apr. 30, AMCR reported its Q3 earnings results, and the stock gained over 9% in the subsequent trading session. While Amcor’s volumes were lower than last year, its volume performance was better than expected. Moreover, it repurchased approximately 3 million shares during the nine months that ended March 31, 2024, for a total cost of approximately $30 million, demonstrating a strong commitment to returning value to shareholders.
Analysts' consensus opinion on Amcor stock is cautious, with an overall "Hold" rating. Among nine analysts covering the stock, one recommends a "Strong Buy," six advise a “Hold,” one advocate a “Moderate Sell,” and the remaining one analyst suggests a "Strong Sell."
Although the stock currently trades above its mean price target of $9.93, the Street-high price target for AMCR is $10.83, suggesting a potential upside of 3.9% from the current price levels.
On the date of publication, Kritika Sarmah 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.
