5 New Stock Picks of Brian Higgins’ King Street Capital

1. Ardagh Metal Packaging S.A. (NYSE:AMBP)

King Street Capital’s Stake Value: $24,900,000

Percentage of King Street Capital’s 13F Portfolio: 2.10%

Number of Hedge Fund Holders: 27

Ardagh Metal Packaging S.A. (NYSE:AMBP), a leading supplier of recyclable metal beverage cans to brand owners, is one of the newest additions to King Street Capital’s Q3 portfolio, with the hedge fund buying 2.5 million shares of Ardagh Metal Packaging S.A. (NYSE:AMBP), worth $24.9 million, representing 2.10% of the firm’s total investments. 

In the third quarter of 2021, 27 hedge funds reported owning stakes worth $400.2 million in Ardagh Metal Packaging S.A. (NYSE:AMBP). The leading company stakeholder is Brahman Capital, with a $73.1 million position as of Q3. 

Ardagh Metal Packaging S.A. (NYSE:AMBP) posted its third quarter results on October 28. EPS in the period totaled $0.09, in line with analysts’ consensus estimates. The $1.04 billion revenue outperformed estimates by $16.57 million. 

Deutsche Bank analyst Kyle White on December 20 lowered the price target on Ardagh Metal Packaging S.A. (NYSE:AMBP) to $12 from $13 and kept a Buy rating on the shares. The analyst expects consumer spending on goods to normalize back to more flattish levels of growth rather than the large upticks experienced following the height of the pandemic. He views this as a negative situation for packaging companies “as less goods equate to less packaging overall,” and sees containerboard and box demand most at risk from lower spending on consumer products.

You can also take a look at 10 Stocks Under Investors’ Radar After Posting Their Financial Results and 10 Stocks Under $30 to Buy According to David Einhorn’s Greenlight Capital. 

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