Ardagh Group S.A. (NYSE:ARD) Upgraded to Strong-Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Ardagh Group S.A. (NYSE:ARD) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday, August 3rd. The brokerage currently has $26.00 target price on the stock.
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. “
Several other equities research analysts have also issued reports on ARD. Barclays PLC reiterated a hold rating and set a $23.00 price target on shares of Ardagh Group in a report on Wednesday, August 2nd. J P Morgan Chase & Co assumed coverage on Ardagh Group in a report on Monday, April 10th. They set a neutral rating and a $23.00 price target for the company. Credit Suisse Group reiterated an outperform rating and set a $26.00 price target on shares of Ardagh Group in a report on Tuesday, April 11th. Deutsche Bank AG assumed coverage on Ardagh Group in a report on Monday, April 10th. They set a buy rating and a $24.00 price target for the company. Finally, Citigroup Inc. assumed coverage on Ardagh Group in a report on Monday, April 10th. They set a buy rating and a $25.00 price target for the company. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Ardagh Group has a consensus rating of Buy and a consensus price target of $24.50.
Shares of Ardagh Group (NYSE:ARD) opened at 21.58 on Thursday. Ardagh Group has a 52-week low of $20.68 and a 52-week high of $24.54. The firm’s market cap is $5.10 billion. The company’s 50-day moving average is $21.05 and its 200-day moving average is $21.72.
Ardagh Group (NYSE:ARD) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.24. The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2.01 billion. The company’s revenue for the quarter was up 57.8% on a year-over-year basis. Equities research analysts forecast that Ardagh Group will post $1.75 earnings per share for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Thursday, August 17th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date is Tuesday, August 15th.
Several hedge funds and other institutional investors have recently modified their holdings of ARD. Canyon Capital Advisors LLC bought a new position in shares of Ardagh Group during the first quarter worth $42,793,000. Clearbridge Investments LLC bought a new position in shares of Ardagh Group during the first quarter worth $40,593,000. Brahman Capital Corp. bought a new position in shares of Ardagh Group during the first quarter worth $29,409,000. Citadel Advisors LLC bought a new position in shares of Ardagh Group during the first quarter worth $24,515,000. Finally, Capital Research Global Investors increased its position in shares of Ardagh Group by 1.8% in the second quarter. Capital Research Global Investors now owns 1,018,438 shares of the company’s stock worth $23,027,000 after buying an additional 18,438 shares during the last quarter. 97.43% of the stock is currently owned by institutional investors and hedge funds.
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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