Ball Corporation $BALL Stake Lessened by M&G PLC

Key Points

• M&G PLC cut its Ball stake by 5.2%, selling 121,778 shares and ending the quarter with 2.22 million shares valued at about $124.2 million. Institutional investors collectively owned 86.51% of the company.
• Ball reported quarterly earnings of $1.10 per share, topping estimates of $1.07, while revenue rose 23.9% year over year to $4.19 billion.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $72.15. Ball also announced a quarterly dividend of $0.20 per share.

M&G PLC trimmed its holdings in Ball Corporation (NYSE:BALL - Free Report) by 5.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,218,389 shares of the company's stock after selling 121,778 shares during the period. M&G PLC owned 0.84% of Ball worth $124,230,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. State Street Corp increased its position in Ball by 8.3% during the 2nd quarter. State Street Corp now owns 13,416,598 shares of the company's stock worth $837,196,000 after purchasing an additional 1,024,861 shares in the last quarter. Hsbc Holdings PLC purchased a new position in Ball in the 2nd quarter valued at about $96,380,000. Bank of America Corp DE acquired a new stake in Ball during the 2nd quarter valued at approximately $160,506,000. IFP Advisors Inc increased its holdings in Ball by 3,687.6% during the 3rd quarter. IFP Advisors Inc now owns 72,760 shares of the company's stock worth $4,077,000 after purchasing an additional 70,839 shares during the last quarter. Finally, Citizens Financial Group Inc. RI increased its holdings in Ball by 1,252.6% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 86,253 shares of the company's stock worth $4,833,000 after purchasing an additional 79,876 shares during the last quarter. 86.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Ball

In other news, SVP Mandy Glew sold 5,626 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $63.80, for a total transaction of $358,938.80. Following the sale, the senior vice president directly owned 7,209 shares in the company, valued at approximately $459,934.20. This represents a 43.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.58% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Bank of America boosted their price objective on Ball from $70.00 to $73.00 and gave the company a "buy" rating in a report on Tuesday, July 14th. Citigroup lifted their target price on Ball from $75.00 to $77.00 and gave the stock a "buy" rating in a research report on Thursday, November 5th. Weiss Ratings downgraded Ball from a "buy (b-)" rating to a "hold (c)" rating in a report on Wednesday, November 4th. Wells Fargo & Company lowered their price target on Ball from $72.00 to $70.00 and set an "overweight" rating for the company in a report on Monday, October 19th. Finally, Truist Financial reissued a "buy" rating and set a $76.00 price target (down from $78.00) on shares of Ball in a research report on Wednesday, November 4th. Nine analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $72.15.

Ball Trading Up 1.2%

NYSE BALL opened at $66.70 on Tuesday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.66 and a current ratio of 1.04. Ball Corporation has a one year low of $46.06 and a one year high of $69.57. The company has a 50-day simple moving average of $61.44 and a 200-day simple moving average of $61.17. The firm has a market capitalization of $17.36 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 1.35 and a beta of 0.94.

Ball (NYSE:BALL - Get Free Report) last released its quarterly earnings data on Tuesday, November 3rd. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.03. Ball had a net margin of 3.52% and a return on equity of 18.81%. The firm had revenue of $4.19 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same quarter in the prior year, the business earned $1.02 earnings per share. Ball's quarterly revenue was up 23.9% on a year-over-year basis. On average, equities analysts forecast that Ball Corporation will post 4.00 earnings per share for the current year.

Ball Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.80 annualized dividend and a dividend yield of 1.2%. Ball's dividend payout ratio is 40.20%.

About Ball

Ball Corporation is a global supplier of aluminum packaging, best known for making beverage cans and ends for beverage companies. Its products are used for a range of drinks, including beer, soft drinks, energy drinks and other beverages. The company also offers aluminum cups and other specialty packaging products.

Ball serves customers across North America, South America, Europe, the Middle East, Africa and Asia. Its packaging operations support beverage brands and producers with manufacturing capabilities in multiple regions.

Founded in 1880 as a glass-jar business, Ball grew into a major packaging company and later operated an aerospace business.

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