10 Best Aluminum and Aluminum Mining Stocks to Buy Now

2. Ball Corporation (NYSE:BALL)     

Number of Hedge Fund Holders: 42

Ball Corporation (NYSE:BALL) is next on our list of the best aluminum stocks to buy now. It is a global provider of sustainable packaging solutions, primarily focusing on aluminum cans and bottles. Established in 1880 and headquartered in Westminster, Colorado, Ball Corporation operates across several key sectors, including beverage packaging, aerosol packaging, and aerospace technology.

Revenue for Q2 2024 was $2.96 billion, showcasing a reduction of 3.5% compared to Q2 2023. This decline is largely due to the absence of the aerospace business post-sale, which had contributed to the revenue figures in the previous year. However, the company’s core beverage packaging segments performed well, with Beverage Packaging in North and Central America seeing an uptick in operating earnings, driven by higher volumes and lower aluminum costs. The same upward trend in operating income was observed in the EMEA and South America segments.

Ball Corporation’s (NYSE:BALL) future outlook is quite promising, as it is on track to return over $1.6 billion to shareholders in 2024. The company also expects mid-single-digit EPS growth, strong free cash flow, and ongoing improvements in its operations.

On August 23, Ball Corporation (NYSE:BALL) joined hands with global beverage giants to boost sustainability in aluminum packaging, responding to rising environmental concerns. The company is deploying innovative strategies to reduce carbon emissions in the aluminum industry. They have launched their most sustainable aluminum aerosol can to date, which boasts a carbon footprint that is 50% lower than that of standard cans.

Ball Corporation reported an EPS of $0.74, exceeding analysts’ expectations of $0.73. The company has seen a surge in 1-month and YTD price movements of 0.89% and 13.34%, respectively. This is due to several factors, including the dividend announcement of 20 cents per share, the overall trend towards sustainability, and the increasing demand for aluminum packaging.

However, Ball Corporation (NYSE:BALL) faced challenges with a decline in total sales, missing estimates at $2.96 billion. The Beverage Packaging EMEA segment also saw a 4.3% drop in sales, and lower volumes in South America, driven by economic issues in Argentina, weighed on results. Additionally, operating earnings in South America fell short of expectations.

Nevertheless, analysts have put their faith in the stock, projecting an upside potential of 6.69% from the current price of $63.81. As of Q2 2024, 42 hedge funds are holding a combined investment of $515 million in the company, as per Insider Monkey’s database.