Investment Portfolio Shifts
First Manhattan Adjusts Portfolio, Significantly Increases Ball Corporation Stake to Over $107 Million
Key Points
For GE Aerospace, Sanford C. Bernstein raised its price objective from $374.00 to $405.00 and kept an “outperform” rating in a report dated March 3.
GE Aerospace also saw sizable participation from other institutions: Norges Bank bought a new position worth about $4.44 billion in the fourth quarter, and the article notes 74.77% of the stock is held by institutional investors and hedge funds.
For Anheuser-Busch InBev, institutional ownership was described as relatively low—about 5.53%—and the article highlighted GQG Partners’ new position worth approximately $149.8 million in the fourth quarter.
For Ball Corporation, First Manhattan reported owning 2,033,012 shares after purchasing an additional 213,013 shares in the quarter; the article also states 86.51% of the stock is held by institutional investors and hedge funds.
For Navigator Holdings, analyst views were specific: Weiss Ratings cut the company from a “buy (b)” to a “buy (b-)” (May 20), while Citigroup lifted its price objective from $24.00 to $27.00 and maintained a “buy” rating (May 12).
First Manhattan Co. LLC boosted its stake in Ball Corporation by 11.7% in the first quarter of 2026, bringing its position to roughly $107.7 million, according to WhaleWisdom. The New York-based investment firm now holds 2,033,012 shares of the aluminum packaging giant, making it one of its largest disclosed positions.
The portfolio move came alongside a broader reshuffling. First Manhattan trimmed its holdings in GE Aerospace and Anheuser-Busch InBev while adding to Booz Allen Hamilton and Navigator Holdings, per Ticker Report.
Ball Corporation Becomes First Manhattan's Biggest Bet
First Manhattan bought an additional 213,013 Ball Corporation shares during the quarter. The firm's $107.7 million stake now sits inside a stock that is 86.51% owned by institutions and hedge funds, according to Ticker Report. That level of institutional ownership signals that large fund managers treat Ball as a stable, "blue chip" defensive play.
Ball has spent the past two years shedding non-core assets. It sold its aerospace division in early 2024 and offloaded 41% of its UAE manufacturing unit in August 2025, according to Fintel. New CEO Ron Lewis, confirmed in March 2026, now leads a company focused purely on aluminum packaging and free cash flow.
GE Aerospace Trim Looks Like Profit-Taking, Not an Exit
First Manhattan cut its GE Aerospace position by 2.5% to about $61.1 million. The move looks modest against a backdrop of massive institutional inflows. Norges Bank entered a new $4.44 billion position in GE during the fourth quarter of 2025, per MarketBeat. Vanguard held roughly $28.5 billion in GE shares over the same period.
Analysts remain bullish on GE. On March 3, 2026, Sanford C. Bernstein analyst Douglas Harned raised his price target from $374.00 to $405.00 and kept an "outperform" rating. Harned pointed to GE's installed base of over 44,000 commercial engines, which now generates about 70% of company revenue through aftermarket services, according to Investing.com.
Navigator Holdings Splits Analyst Opinion Down the Middle
First Manhattan raised its Navigator Holdings stake by 27.8% to about $24.8 million. But Wall Street is divided on the stock. On May 12, Citigroup analyst Spiro Dounis lifted his price target from $24.00 to $27.00 and kept a "buy" rating, citing momentum in liquefied gas transport, per Ticker Report.
Just eight days later, Weiss Ratings cut Navigator from a "buy (b)" to a "buy (b-)" on May 20, flagging concerns about risk and debt levels, according to Weiss Ratings. The consensus price target sits at $25.25, with a high of $27.00 and a low of $21.50, per S&P Global.
Booz Allen Bet Signals Confidence in Defense Spending
First Manhattan grew its Booz Allen Hamilton stake by 20.1% to nearly $28.9 million. The move comes despite CEO Horacio Rozanski calling 2026 the company's "most challenging year" due to disruptions in federal procurement. Booz Allen reported FY 2026 revenue of $11.2 billion and a record backlog of $38 billion, according to GovCon Wire.
On AB InBev, First Manhattan trimmed 2.5% to about $22.1 million. Only 5.53% of that stock is held by institutions — far below industry norms. GQG Partners took the opposite view, entering a new $149.8 million position in the fourth quarter of 2025, per MarketBeat, framing the low ownership as a chance to buy quality at a discount.
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