Berry Global Group (NYSE:BERY) Downgraded by StockNews.com

StockNews.com downgraded shares of Berry Global Group (NYSE:BERY) from a buy rating to a hold rating in a research note published on Tuesday morning.

Several other equities research analysts have also recently commented on BERY. Morgan Stanley started coverage on Berry Global Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 target price for the company. Truist Financial boosted their price objective on Berry Global Group from $68.00 to $74.00 and gave the stock a “hold” rating in a report on Tuesday, October 15th. Finally, UBS Group reduced 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 note on Wednesday, July 17th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $71.22.

Berry Global Group Stock Performance

Shares of NYSE:BERY opened at $68.50 on Tuesday. The business has a fifty day moving average of $67.46 and a 200-day moving average of $62.80. The firm has a market cap of $7.84 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 1.10 and a beta of 1.15. The company has a debt-to-equity ratio of 2.57, a quick ratio of 1.08 and a current ratio of 1.82. Berry Global Group has a twelve month low of $53.92 and a twelve month high of $70.86.

Berry Global Group (NYSE:BERY) last announced its earnings results on Friday, August 2nd. The industrial products company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.16. Berry Global Group had a net margin of 4.55% and a return on equity of 27.32%. The company had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same period in the previous year, the firm posted $1.90 earnings per share. The company’s revenue was down 2.1% on a year-over-year basis. On average, equities research analysts predict that Berry Global Group will post 7.6 EPS for the current fiscal year.

Berry Global Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date was Tuesday, September 3rd. Berry Global Group’s dividend payout ratio is currently 26.13%.

Insiders Place Their Bets

In other news, Director Evan Bayh sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $70.13, for a total transaction of $981,820.00. Following the sale, the director now owns 30,228 shares of the company’s stock, valued at $2,119,889.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On Berry Global Group

A number of hedge funds and other institutional investors have recently made changes to their positions in BERY. EdgePoint Investment Group Inc. raised its stake in shares of Berry Global Group by 10.3% in the 2nd 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. Vanguard Group Inc. boosted its position in Berry Global Group by 10.2% during the 1st quarter. Vanguard Group Inc. now owns 12,931,050 shares of the industrial products company’s stock worth $782,070,000 after acquiring an additional 1,200,021 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Berry Global Group by 30.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,472,624 shares of the industrial products company’s stock worth $204,365,000 after acquiring an additional 807,211 shares in the last quarter. Eminence Capital LP raised its holdings in shares of 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 valued at $159,751,000 after purchasing an additional 492,793 shares during the last quarter. Finally, Ancora Advisors LLC lifted its position in shares of Berry Global Group by 18.7% in the first quarter. Ancora Advisors LLC now owns 1,701,163 shares of the industrial products company’s stock worth $102,886,000 after purchasing an additional 267,413 shares in the last quarter. 95.36% of the stock is currently owned by institutional investors and hedge funds.

Berry Global Group Company Profile

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.