Berry Global Group, Inc. (NYSE:BERY) Sees Large Drop in Short Interest

Berry Global Group, Inc. (NYSE:BERY) was the recipient of a significant decrease in short interest in the month of April. As of April 15th, there was short interest totalling 3,940,000 shares, a decrease of 5.7% from the March 31st total of 4,180,000 shares. Approximately 3.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,250,000 shares, the short-interest ratio is currently 3.2 days.

Berry Global Group Stock Performance

NYSE:BERY opened at $57.79 on Thursday. The firm has a market cap of $6.70 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 0.77 and a beta of 1.24. Berry Global Group has a fifty-two week low of $53.83 and a fifty-two week high of $69.93. The company has a debt-to-equity ratio of 2.62, a quick ratio of 0.95 and a current ratio of 1.67. The business has a 50 day moving average price of $58.63 and a 200-day moving average price of $61.44.

Berry Global Group (NYSE:BERY) last released its quarterly earnings data on Wednesday, February 7th. The industrial products company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.07). Berry Global Group had a net margin of 4.51% and a return on equity of 26.79%. The company had revenue of $2.85 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same period last year, the company posted $1.30 EPS. The business’s revenue for the quarter was down 6.8% compared to the same quarter last year. Equities research analysts predict that Berry Global Group will post 7.38 earnings per share for the current year.

Insider Activity

In related news, Director Jonathan F. Foster purchased 1,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were purchased at an average cost of $58.49 per share, for a total transaction of $58,490.00. Following the completion of the transaction, the director now directly owns 5,728 shares in the company, valued at approximately $335,030.72. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Peter T. Thomas acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were bought at an average cost of $56.00 per share, for a total transaction of $112,000.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at $112,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan F. Foster acquired 1,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was bought at an average price of $58.49 per share, for a total transaction of $58,490.00. Following the completion of the transaction, the director now owns 5,728 shares of the company’s stock, valued at approximately $335,030.72. The disclosure for this purchase can be found here. Company insiders own 4.00% of the company’s stock.

Institutional Trading of Berry Global Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. M&T Bank Corp lifted its stake in Berry Global Group by 2.0% in the fourth quarter. M&T Bank Corp now owns 8,854 shares of the industrial products company’s stock worth $597,000 after acquiring an additional 173 shares during the period. Coombe Bender & Co LLC lifted its stake in Berry Global Group by 3.3% in the third quarter. Coombe Bender & Co LLC now owns 6,225 shares of the industrial products company’s stock worth $385,000 after acquiring an additional 196 shares during the period. Louisiana State Employees Retirement System lifted its stake in Berry Global Group by 0.6% in the first quarter. Louisiana State Employees Retirement System now owns 33,400 shares of the industrial products company’s stock worth $2,020,000 after acquiring an additional 200 shares during the period. State of Michigan Retirement System lifted its stake in Berry Global Group by 0.7% in the first quarter. State of Michigan Retirement System now owns 28,500 shares of the industrial products company’s stock worth $1,724,000 after acquiring an additional 200 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in Berry Global Group by 0.3% in the third quarter. EverSource Wealth Advisors LLC now owns 78,197 shares of the industrial products company’s stock worth $4,841,000 after acquiring an additional 222 shares during the period. Hedge funds and other institutional investors own 95.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BERY. Wolfe Research began coverage on shares of Berry Global Group in a research report on Friday, March 1st. They set a “peer perform” rating on the stock. Robert W. Baird reiterated a “neutral” rating and set a $65.00 price target (down from $68.00) on shares of Berry Global Group in a research report on Tuesday, April 16th. StockNews.com cut shares of Berry Global Group from a “buy” rating to a “hold” rating in a research report on Thursday, February 8th. Truist Financial reiterated a “hold” rating and set a $68.00 price target (down from $75.00) on shares of Berry Global Group in a research report on Wednesday, March 27th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $62.00 price target (down from $72.00) on shares of Berry Global Group in a research report on Friday, March 15th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $72.00.

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.