Report on Possible Sale of Aerospace Unit Pushed Ball Corporation (BALL) in Q2

ClearBridge Investments, an investment management company, released its “ClearBridge Sustainability Leaders Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy underperformed its benchmark, the Russell 3000 Index, in the quarter.  The strategy gained seven out of 10 sectors in which it invested during the quarter, on an absolute basis. IT and industrials sectors were the leading contributors while consumer discretionary, health care and utilities sectors detracted. Overall stock selection detracted on a relative basis. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

ClearBridge Sustainability Leaders Strategy highlighted stocks like Ball Corporation (NYSE:BALL) in the second quarter 2023 investor letter. Headquartered in Westminster, Colorado, Ball Corporation (NYSE:BALL) is an aluminum packaging products supplier. On October 3, 2023, Ball Corporation (NYSE:BALL) stock closed at $48.73 per share. One-month return of Ball Corporation (NYSE:BALL) was -7.94%, and its shares lost 4.34% of their value over the last 52 weeks. Ball Corporation (NYSE:BALL) has a market capitalization of $15.52 billion.

ClearBridge Sustainability Leaders Strategy made the following comment about Ball Corporation (NYSE:BALL) in its Q2 2023 investor letter:

“A rebound for materials in June was helpful for water and hygiene solution company Ecolab, where strong pricing and productivity gains are more than offsetting ongoing inflationary pressure, as well as aluminum packaging company Ball Corporation (NYSE:BALL), which rose on reports of a possible sale of its aerospace unit.”

Ball Corporation (NYSE:BALL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Ball Corporation (NYSE:BALL) at the end of second quarter which was 28 in the previous quarter.

We discussed Ball Corporation (NYSE:BALL) in another article and shared the list of biggest packaging companies in the US. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.