Ardagh Metal Packaging (NYSE:AMBP) Cut to Underperform at Bank of America

Bank of America lowered shares of Ardagh Metal Packaging (NYSE:AMBP) from a buy rating to an underperform rating in a report issued on Wednesday, Marketbeat.com reports. Bank of America currently has $4.00 price target on the stock, down from their prior price target of $4.90.

Other analysts also recently issued reports about the company. Wells Fargo & Company raised Ardagh Metal Packaging from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $4.25 to $5.00 in a report on Tuesday, October 15th. Citigroup boosted their price objective on shares of Ardagh Metal Packaging from $4.00 to $4.50 and gave the company a “buy” rating in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.92.

Ardagh Metal Packaging Stock Performance

AMBP opened at $3.21 on Wednesday. The firm’s fifty day simple moving average is $3.71 and its two-hundred day simple moving average is $3.64. Ardagh Metal Packaging has a 52-week low of $3.15 and a 52-week high of $4.26. The company has a market cap of $1.92 billion, a price-to-earnings ratio of -26.71, a PEG ratio of 0.78 and a beta of 0.61. The company has a quick ratio of 0.88, a current ratio of 1.17 and a debt-to-equity ratio of 124.21.

Ardagh Metal Packaging (NYSE:AMBP) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.01. The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Ardagh Metal Packaging had a negative net margin of 0.99% and a positive return on equity of 1,760.00%. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.06 EPS. Equities analysts anticipate that Ardagh Metal Packaging will post 0.16 earnings per share for the current fiscal year.

Ardagh Metal Packaging Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 12.48%. Ardagh Metal Packaging’s dividend payout ratio (DPR) is presently -333.31%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AMBP. King Street Capital Management L.P. acquired a new position in Ardagh Metal Packaging during the second quarter worth $14,790,000. Vanguard Group Inc. increased its position in shares of Ardagh Metal Packaging by 11.1% in the first quarter. Vanguard Group Inc. now owns 1,065,659 shares of the company’s stock valued at $3,655,000 after buying an additional 106,206 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Ardagh Metal Packaging by 48.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,325,132 shares of the company’s stock worth $4,505,000 after buying an additional 433,700 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Ardagh Metal Packaging by 422.4% in the 2nd quarter. AQR Capital Management LLC now owns 319,165 shares of the company’s stock worth $1,085,000 after buying an additional 258,067 shares in the last quarter. Finally, Signaturefd LLC grew its stake in Ardagh Metal Packaging by 23.1% in the 3rd quarter. Signaturefd LLC now owns 18,739 shares of the company’s stock valued at $71,000 after acquiring an additional 3,515 shares during the last quarter. Hedge funds and other institutional investors own 16.93% of the company’s stock.

About Ardagh Metal Packaging

Ardagh Metal Packaging SA, together with its subsidiaries, supplies consumer metal beverage cans in Europe, the United States, and Brazil. Its products are used in various end-use categories, including beer, carbonated soft drinks, energy drinks, hard seltzers, juices, pre-mixed cocktails, teas, sparkling waters, and wine.