Market activity surrounding Ball Corporation reflects broader trends in investor sentiment towards industrial and packaging equities. Kimelman & Baird LLC, a registered investment advisor and broker, has pared back its stake in Ball Corporation, a manufacturer and seller of aluminium cans and has offloaded 4,800 shares, equating to a nearly 47.7 per cent reduction, marking a notable repositioning among institutional investors.
Following the sale of 4,800 shares during the quarter, Kimelman & Baird LLC reported holding 5,265 shares of the aluminium can manufacturer, valued at approximately USD 274,000, according to its latest Form 13F Securities and Exchange Commission (SEC) filing.
Several institutional investors have recently adjusted their stakes in Ball Corporation. This includes JPMorgan Chase & Co. increasing its holdings by 44.2 per cent in the first quarter, bringing its position to 8,002,327 shares valued at USD 416.68 million after adding 2,453,630 shares.
Another is Invesco Ltd., which has lifted its stake by 5.1 per cent to 4,370,274 shares worth USD 227.56 million, while Dimensional Fund Advisors LP grew its position by 10.3 per cent to 3,370,532 shares valued at USD 175.48 million.
On the other hand, London Co. of Virginia expanded its holdings by 61.1 per cent in the fourth quarter, now owning 3,054,393 shares worth USD 168.39 million and Northern Trust Corp raised its stake by 15.1 per cent to 3,026,421 shares valued at USD 166.85 million.
Overall, hedge funds and institutional investors collectively hold 86.51 per cent of Ball’s outstanding stock.
Also read: Farther Finance boosts its stakes in Ball Corporation by 51.3% amid mixed analyst ratings
Stock movement
The firm’s stock closed at USD 53.83 on Friday, up USD 0.19, with 1.39 million shares traded against an average volume of 2.48 million. The stock maintains a 50-day moving average of USD 56.72 and a 200-day average of USD 53.09.
Over the past year, shares have ranged between a low of USD 43.51 and a high of USD 68.12. The company carries a debt-to-equity ratio of 1.23, a quick ratio of 0.67 and a current ratio of 1.00.
Ball’s market capitalisation stands at USD 14.65 billion, with a price-to-earnings ratio of 27.89, a P/E/G ratio of 1.22 and a beta of 1.08.
Quarterly earnings
The company reported its quarterly earnings on August 5, posting earnings per share of USD 0.90, exceeding analyst expectations of USD 0.87. The company recorded a return on equity of 16.81 per cent and a net margin of 4.49 per cent.
Revenue stood at USD 3.34 billion, ahead of the consensus estimate of USD 3.10 billion and up 12.8 per cent year-on-year. In the same quarter last year, the company reported earnings per share (EPS) of USD 0.74. Analysts are projecting a full-year EPS of USD 3.48 for the company.
Also read: Ball Corporation launches USD 750M senior notes offering to strengthen liquidity
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