Fifth Third Bancorp Cuts Stake in Berry Global Group, Inc. (NYSE:BERY)

Fifth Third Bancorp cut its holdings in shares of Berry Global Group, Inc. (NYSE:BERY) by 3.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 455,837 shares of the industrial products company’s stock after selling 18,442 shares during the quarter. Fifth Third Bancorp’s holdings in Berry Global Group were worth $26,826,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC acquired a new stake in shares of Berry Global Group in the fourth quarter valued at $31,000. LRI Investments LLC acquired a new position in Berry Global Group during the 1st quarter worth $38,000. Quarry LP increased its holdings in Berry Global Group by 433.1% during the 4th quarter. Quarry LP now owns 757 shares of the industrial products company’s stock worth $51,000 after purchasing an additional 615 shares during the period. Blue Trust Inc. raised its position in Berry Global Group by 68.8% in the 2nd quarter. Blue Trust Inc. now owns 1,536 shares of the industrial products company’s stock valued at $93,000 after purchasing an additional 626 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in Berry Global Group in the 1st quarter valued at about $100,000. Hedge funds and other institutional investors own 95.36% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Bank of America upped their target price on shares of Berry Global Group from $74.00 to $81.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. UBS Group decreased their price objective on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Finally, StockNews.com lowered Berry Global Group from a “buy” rating to a “hold” rating in a report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $71.40.

Berry Global Group Stock Performance

Shares of BERY traded up $0.82 during midday trading on Wednesday, reaching $65.30. 482,416 shares of the stock were exchanged, compared to its average volume of 1,066,468. The company has a market capitalization of $7.47 billion, a price-to-earnings ratio of 15.32, a PEG ratio of 1.33 and a beta of 1.17. The company has a debt-to-equity ratio of 2.64, a current ratio of 1.74 and a quick ratio of 1.01. Berry Global Group, Inc. has a twelve month low of $53.92 and a twelve month high of $69.93. The business’s 50-day moving average price is $61.96 and its 200 day moving average price is $60.11.

Berry Global Group (NYSE:BERY) last posted its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.16. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.26 billion. Berry Global Group had a return on equity of 26.55% and a net margin of 4.12%. The company’s revenue was down 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.90 earnings per share. On average, sell-side analysts expect that Berry Global Group, Inc. will post 7.44 EPS for the current fiscal year.

Berry Global Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be paid a $0.275 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.10 dividend on an annualized basis and a yield of 1.68%. Berry Global Group’s dividend payout ratio is presently 26.13%.

Insider Activity

In related news, Director Peter T. Thomas acquired 1,000 shares of Berry Global Group stock in a transaction on Thursday, May 23rd. The stock was purchased at an average cost of $59.50 per share, with a total value of $59,500.00. Following the purchase, the director now directly owns 4,407 shares in the company, valued at $262,216.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.00% 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.