Berry Plastics Group Inc. (BERY) Stock Rating Lowered by Zacks Investment Research
Berry Plastics Group Inc. (NYSE:BERY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Berry Plastics Group, Inc. is a manufacturer and marketer of value-added plastic consumer packaging and engineered materials. The Company operates in three segments: Rigid Packaging, Engineered Materials and Flexible Packaging. Its rigid packaging products include containers, thermoformed polypropylene and injection-molded plastic drink cups, plastic home and party items, plastic garden products, closures, aerosol overcaps, polyethylene and PET bottles and plastic squeeze tubes for food and beverage, retail mass, healthcare, personal care, and household chemical consumer-oriented end markets. Berry’s flexible packaging products comprises of mono layer and coextruded films; barrier films for cereal, cookie, cracker, and dry mix packages; lamination films for carpet padding; films used for solar panel construction; component and packaging films; printed products; and coated and laminated packaging products. Berry Plastics Group, Inc. is headquartered in Evansville, Indiana. “
A number of other research analysts also recently issued reports on the stock. SunTrust Banks Inc. began coverage on shares of Berry Plastics Group in a research report on Tuesday, July 12th. They set a “neutral” rating and a $42.00 target price on the stock. BMO Capital Markets upped their target price on shares of Berry Plastics Group from $37.00 to $43.00 and gave the company a “market perform” rating in a research report on Friday, August 26th. Credit Suisse Group AG upped their target price on shares of Berry Plastics Group from $48.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, August 12th. Barclays PLC began coverage on shares of Berry Plastics Group in a research report on Wednesday, June 15th. They set an “overweight” rating and a $45.00 target price on the stock. Finally, Deutsche Bank AG restated a “buy” rating and set a $56.00 target price (up from $52.00) on shares of Berry Plastics Group in a research report on Monday, August 29th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Berry Plastics Group has an average rating of “Buy” and an average price target of $48.38.
Berry Plastics Group (NYSE:BERY) opened at 44.12 on Tuesday. The company’s 50-day moving average is $44.52 and its 200-day moving average is $40.07. The stock has a market capitalization of $5.36 billion, a P/E ratio of 26.39 and a beta of 1.08. Berry Plastics Group has a 12 month low of $27.79 and a 12 month high of $46.26.
Berry Plastics Group (NYSE:BERY) last issued its quarterly earnings results on Tuesday, August 9th. The company reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.21. The business had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.68 billion. Berry Plastics Group had a net margin of 3.41% and a return on equity of 1,464.14%. The firm’s quarterly revenue was up 32.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.51 EPS. Equities analysts anticipate that Berry Plastics Group will post $2.34 earnings per share for the current year.
In related news, President Curt Begle sold 4,734 shares of the stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $44.00, for a total transaction of $208,296.00. Following the completion of the sale, the president now directly owns 33,854 shares of the company’s stock, valued at approximately $1,489,576. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.70% of the company’s stock.
A number of hedge funds have recently bought and sold shares of BERY. Pacer Advisors Inc. acquired a new stake in Berry Plastics Group during the second quarter worth about $121,000. Public Employees Retirement Association of Colorado acquired a new position in shares of Berry Plastics Group during the second quarter valued at $151,000. Acrospire Investment Management LLC acquired a new position in shares of Berry Plastics Group during the first quarter valued at $159,000. Dorsey & Whitney Trust CO LLC acquired a new position in shares of Berry Plastics Group during the second quarter valued at $244,000. Finally, Westpac Banking Corp boosted its position in shares of Berry Plastics Group by 95.4% in the second quarter. Westpac Banking Corp now owns 6,878 shares of the company’s stock valued at $199,000 after buying an additional 3,358 shares in the last quarter. 96.50% of the stock is owned by institutional investors and hedge funds.
About Berry Plastics Group
Berry Plastics Group, Inc is a provider of plastic consumer packaging and engineered materials. The Company offers a range of products, including specialty closures, prescription vials, specialty films, adhesives, corrosion protection materials, as well as drink cups, thin-wall containers and bottles.
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