Daniel Fisher, President and CEO of Ball Corp (BALL), recently bought 3,869 shares. The buy increased his position by 3%, and came to a total cost of $247,767.
This is the first insider activity since November, when the company COO also bought about $250,000 in shares. Going further back, three insiders were sellers earlier in 2023. One director sold over $8 million in shares. And two company executives made small sales with the largest around $200,000.
Overall, Ball insiders own 0.4 percent of shares.
The packaging and materials producer is up 24% over the past year, just slightly lagging the overall market.
Earnings have jumped 180%, a sign that Ball is working to keep costs down and increase profitability.
However, revenues are down 4%, likely reflecting the slowdown in consumer spending over the past year.
Action to take: Shares can likely trend higher in time, provided there isn’t a further slowdown in consumer spending that would lead to reduced demand for packaging.
At current prices, Ball pays a 1.2% dividend yield.
For traders, Ball shares have been in a steady uptrend since October. That trend looks likely to continue over the next few months.
The August $70 calls, last trading for about $3.10, could see mid-to-high double-digit returns in the coming months on a further rally higher.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any company mentioned in this article.