Zacks Investment Research Downgrades Ardagh Group S.A. (ARD) to Hold
Ardagh Group S.A. (NYSE:ARD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “Ardagh Group S.A. provides metal and glass packaging solutions, producing packaging for food, beverage and consumer brands. Ardagh Group S.A. is based in Luxembourg. “
Other research analysts have also issued reports about the company. Barclays PLC reiterated a “hold” rating and issued a $23.00 target price on shares of Ardagh Group in a report on Wednesday, August 2nd. BMO Capital Markets started coverage on Ardagh Group in a report on Monday, June 19th. They issued a “market perform” rating and a $26.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Ardagh Group has an average rating of “Hold” and a consensus target price of $24.50.
Ardagh Group (NYSE:ARD) last released its earnings results on Thursday, July 27th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.24. The company had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $2.01 billion. The company’s revenue was up 57.8% compared to the same quarter last year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN lifted its holdings in Ardagh Group by 1.1% during the 2nd quarter. Wells Fargo & Company MN now owns 11,740 shares of the company’s stock worth $265,000 after buying an additional 126 shares during the last quarter. NGAM Advisors L.P. lifted its holdings in Ardagh Group by 2.0% during the 2nd quarter. NGAM Advisors L.P. now owns 29,913 shares of the company’s stock worth $676,000 after buying an additional 593 shares during the last quarter. Cubist Systematic Strategies LLC lifted its holdings in Ardagh Group by 3,749.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 9,584 shares of the company’s stock worth $217,000 after buying an additional 9,335 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Ardagh Group during the 1st quarter worth about $239,000. Finally, Vanguard Group Inc. purchased a new stake in Ardagh Group during the 2nd quarter worth about $289,000. 99.93% of the stock is owned by institutional investors.
About Ardagh Group
Ardagh Group SA, formerly Ardagh Finance Holdings SA, is a Luxembourg-based company engaged in the packing industry. The Company focuses on the design and manufacture of rigid packaging solutions mainly for food and beverage markets. Its activities are divided into two business segments: Metal packing, which supplies aluminum and steel beverage cans, two-piece aluminum, two-piece tinplate and three-piece tinplate food and specialty cans, as well as a range of can ends, among others, and Glass packing, which delivers glass containers, bottles and jars, among others.
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