StockNews.com cut shares of Berry Global Group (NYSE:BERY – Free Report) from a buy rating to a hold rating in a research report released on Wednesday morning.
A number of other research analysts have also issued reports on the company. Bank of America increased their target price on Berry Global Group from $74.00 to $81.00 and gave the company a buy rating in a research report on Friday, May 10th. UBS Group dropped their target price on shares of Berry Global Group from $89.00 to $77.00 and set a buy rating on the stock in a research report on Wednesday, July 17th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $71.40.
Berry Global Group Stock Performance
Shares of NYSE:BERY traded up $0.83 during trading on Wednesday, hitting $65.31. The stock had a trading volume of 482,415 shares, compared to its average volume of 1,066,468. The company has a quick ratio of 1.01, a current ratio of 1.74 and a debt-to-equity ratio of 2.64. Berry Global Group has a 12-month low of $53.92 and a 12-month high of $69.93. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of 15.32, a price-to-earnings-growth ratio of 1.33 and a beta of 1.17. The stock has a 50-day simple moving average of $61.96 and a two-hundred day simple moving average of $60.11.
Berry Global Group (NYSE:BERY – Get Free Report) last announced its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.18 EPS for the quarter, beating the consensus estimate of $2.02 by $0.16. Berry Global Group had a net margin of 4.12% and a return on equity of 26.55%. The business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same period in the previous year, the business posted $1.90 EPS. The business’s quarterly revenue was down 2.1% compared to the same quarter last year. On average, equities research analysts expect that Berry Global Group will post 7.44 earnings per share for the current fiscal year.
Berry Global Group Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.275 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $1.10 dividend on an annualized basis and a yield of 1.68%. Berry Global Group’s payout ratio is 26.13%.
Insider Buying and Selling at Berry Global Group
In other news, Director Peter T. Thomas purchased 1,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were bought at an average cost of $59.50 per share, for a total transaction of $59,500.00. Following the completion of the purchase, the director now directly owns 4,407 shares of the company’s stock, valued at $262,216.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.00% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the company. Creative Planning lifted its holdings in shares of Berry Global Group by 5.9% in the second quarter. Creative Planning now owns 6,629 shares of the industrial products company’s stock valued at $390,000 after purchasing an additional 372 shares in the last quarter. Algert Global LLC acquired a new position in Berry Global Group in the second quarter worth about $687,000. Eminence Capital LP lifted its holdings in Berry Global Group by 22.2% in the second quarter. Eminence Capital LP now owns 2,714,539 shares of the industrial products company’s stock worth $159,751,000 after acquiring an additional 492,793 shares during the last quarter. EdgePoint Investment Group Inc. increased its stake in shares of Berry Global Group by 10.3% in the second quarter. EdgePoint Investment Group Inc. now owns 14,942,921 shares of the industrial products company’s stock valued at $879,391,000 after purchasing an additional 1,393,955 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Berry Global Group by 29.2% in the second quarter. AQR Capital Management LLC now owns 1,438,866 shares of the industrial products company’s stock worth $84,677,000 after purchasing an additional 325,562 shares in the last quarter. Institutional investors and hedge funds own 95.36% of the company’s stock.
About Berry Global Group
Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets in the United States, Canada, Europe, and internationally. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments.