Should You Consider Selling Ball Corporation (BALL) Stock?

Aristotle Atlantic Partners, LLC, an investment advisor, released its “Core Equity Strategy” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund posted a return of -4.92% gross of fees compared to -4.88% return for the S&P 500 Index. The fund’s underperformance in the quarter was primarily because of the stock selection. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Aristotle Atlantic highlighted stocks like Ball Corporation (NYSE:BALL) in the Q3 2022 investor letter. Headquartered in Westminster, Colorado, Ball Corporation (NYSE:BALL) is an aluminum packaging products company. On November 23, 2022, Ball Corporation (NYSE:BALL) stock closed at $56.12 per share. One-month return of Ball Corporation (NYSE:BALL) was 16.46%, and its shares lost 40.06% of their value over the last 52 weeks. Ball Corporation (NYSE:BALL) has a market capitalization of $17.617 billion.

Aristotle Atlantic made the following comment about Ball Corporation (NYSE:BALL) in its Q3 2022 investor letter:

“We sold Ball Corporation (NYSE:BALL) following a very disappointing second quarter earnings and outlook that has caused us to reevaluate the long-term growth potential of the North American beverage can market. The competitive environment appears to have increased more quickly than management has anticipated. We believe it is prudent to sell the entire position, as Ball is forced to reevaluate its growth strategy and shift its capital deployments. Market conditions in North America could spread to other global markets over the next couple of years.”

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Ball Corporation (NYSE:BALL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Ball Corporation (NYSE:BALL) at the end of the third quarter, which was 24 in the previous quarter.

We discussed Ball Corporation (NYSE:BALL) in another article and shared Artisan Partners’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.