Billionaire Mario Gabelli is Dumping These 5 Stocks in 2022

In this article, we discuss the 5 stocks billionaire Mario Gabelli is dumping in 2022. You can see some more stocks sold by GAMCO Investors in the first quarter of 2022 by clicking Billionaire Mario Gabelli is Dumping These 10 Stocks in 2022.

5. Ball Corporation (NYSE:BLL)

Number Of Hedge Fund Holders: 37

Ball Corporation (NYSE:BLL) is an American company that provides sustainable aluminum packaging solutions for beverage, personal care and household products customers, as well as aerospace and other technologies and services to commercial and governmental customers. Mario Gabelli’s GAMCO Investors pulled out of Ball Corporation (NYSE:BLL) in Q1 2022, selling off his hedge fund’s Q4 2021 stakes of $0.25 million in the company.

Earlier this May, Ball Corporation (NYSE:BLL) announced an agreement to repurchase approximately $300 million of its outstanding common stock in a privately negotiated, accelerated stock repurchase transaction with Mizuho Markets Americas LLC, using cash on hand and available borrowings. This transaction will reduce the company’s outstanding common stock by a total of approximately 4.3 million shares.

Deutsche Bank analyst Kyle White on May 9 lowered the price target on Ball Corporation (NYSE:BLL) to $91 from $98 and kept a Buy rating on the shares following the company’s Q1 results.

According to Insider Monkey’s Q1 data, 37 hedge funds were bullish on Ball Corporation (NYSE:BLL), up from 32 funds in the prior quarter. The total stakes held in the first quarter amounted to $814.7 million, compared to $956 million in the earlier quarter. Greg Poole’s Echo Street Capital Management held a prominent position in the company, with more than 1 million shares worth $100.2 million.

Here is what ClearBridge Investments had to say about Ball Corporation (NYSE:BLL) in their third-quarter 2021 investor letter:

“Ball, the largest manufacturer of recyclable aluminum beverage cans in North America, bucked headwinds for the materials sector with strong quarterly results and was supported by contracts indicative of further growth.”