Ball Corporation (BALL) Declined Despite Positive Financial Report

Parnassus Investments, an investment management company, released the “Parnassus Core Equity Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the Fund (Investor Shares) appreciated 1.86% (net of fees) underperforming the S&P 500 Index’s 4.28% return. The negative stock selection in the Information Technology sector led to the underperformance of the strategy in the quarter, partially offset by its favorable overweight position. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Parnassus Core Equity Fund highlighted stocks like Ball Corporation (NYSE:BALL), in the second quarter 2024 investor letter. Ball Corporation (NYSE:BALL) is an aluminum packaging products supplier for the beverage, personal care, and household products industries. The one-month return of Ball Corporation (NYSE:BALL) was 6.28%, and its shares gained 39.36% of their value over the last 52 weeks. On September 30, 2024, Ball Corporation (NYSE:BALL) stock closed at $67.91 per share with a market capitalization of $20.615 billion.

Parnassus Core Equity Fund stated the following regarding Ball Corporation (NYSE:BALL) in its Q2 2024 investor letter:

“Ball Corporation (NYSE:BALL) saw its shares decline despite reporting a largely positive financial report for the first quarter. The company continues to capitalize on a global shift toward eco-friendly packaging. After the sale of its aerospace operations, we expect management’s focus on capital allocation to significantly benefit shareholders.”

A high-speed robotic arm carefully packing aluminum cans into a cardboard carton.

Ball Corporation (NYSE:BALL) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Ball Corporation (NYSE:BALL) at the end of the second quarter which was 29 in the previous quarter. While we acknowledge the potential of Ball Corporation (NYSE:BALL) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Ball Corporation (NYSE:BALL) and shared the list of best aluminum and aluminum mining stocks to buy. In addition, please check out our hedge fund investor letters Q2 2024 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.