5 Best Plastics Stocks To Buy Now

3. Amcor plc (NYSE:AMCR)

Number of Hedge Fund Holders: 20

Amcor plc (NYSE:AMCR) is a Victoria, Australia-based packaging company that provides diversified packaging solutions.

On October 13, Amcor plc (NYSE:AMCR) received a double upgrade from an Underperform to a Buy rating by George Staphos at Bank of America. The analyst also gave the producer of plastic bottles and jars a target price of $13, which reflects a potential upside of 19.4% from the closing price as of October 21.

The management of Amcor plc (NYSE:AMCR) anticipates EPS to grow by 3% to 8% in 2023 and intends to buy back $400 million worth of stock. The company has already purchased $600 million worth of stock in 2022. Amcor plc (NYSE:AMCR) stock is a defensive option that provides quality and avoids pricing risk, making it one of the best plastics stocks to invest in.

Renaissance Technologies increased its stake in Amcor plc (NYSE:AMCR) by 337% during Q2 2022.