Ardagh Metal Packaging (NYSE:AMBP) Shares Gap Up on Earnings Beat

Ardagh Metal Packaging S.A. (NYSE:AMBP)’s stock price gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $3.73, but opened at $4.00. Ardagh Metal Packaging shares last traded at $4.17, with a volume of 367,303 shares trading hands.

The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. Ardagh Metal Packaging had a net margin of 0.13% and a negative return on equity of 76.86%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.08 EPS.

Ardagh Metal Packaging Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 13th. Stockholders of record on Monday, November 3rd will be issued a $0.10 dividend. The ex-dividend date is Monday, November 3rd. This represents a $0.40 annualized dividend and a dividend yield of 9.9%. Ardagh Metal Packaging’s dividend payout ratio is -1,333.33%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company lowered their price objective on shares of Ardagh Metal Packaging from $4.50 to $4.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 15th. UBS Group decreased their price target on shares of Ardagh Metal Packaging from $4.00 to $3.75 and set a “neutral” rating on the stock in a research report on Monday, October 6th. Weiss Ratings restated a “hold (c)” rating on shares of Ardagh Metal Packaging in a research report on Wednesday, October 8th. Citigroup lifted their target price on shares of Ardagh Metal Packaging from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Thursday, July 3rd. Finally, Raymond James Financial began coverage on shares of Ardagh Metal Packaging in a research report on Wednesday, October 15th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $4.17.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Ardagh Metal Packaging in the 1st quarter valued at $51,000. Janney Montgomery Scott LLC increased its position in shares of Ardagh Metal Packaging by 10.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 607,436 shares of the company’s stock worth $1,834,000 after purchasing an additional 56,511 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Ardagh Metal Packaging by 74.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 39,220 shares of the company’s stock valued at $118,000 after acquiring an additional 16,711 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Ardagh Metal Packaging by 2.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 137,503 shares of the company’s stock valued at $415,000 after acquiring an additional 3,320 shares in the last quarter. Finally, Essex Financial Services Inc. increased its position in Ardagh Metal Packaging by 8.9% in the 1st quarter. Essex Financial Services Inc. now owns 172,665 shares of the company’s stock valued at $521,000 after acquiring an additional 14,118 shares in the last quarter. 16.93% of the stock is owned by hedge funds and other institutional investors.

Ardagh Metal Packaging Stock Performance

The stock has a market cap of $2.41 billion, a price-to-earnings ratio of -134.17, a PEG ratio of 1.33 and a beta of 0.56. The firm’s 50-day simple moving average is $3.74 and its two-hundred day simple moving average is $3.82.

Ardagh Metal Packaging Company Profile

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.