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

StockNews.com lowered shares of Berry Global Group (NYSE:BERY) from a buy rating to a hold rating in a report released on Sunday morning.

Several other equities research analysts have also weighed in on the stock. UBS Group cut 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 report on Wednesday, July 17th. Bank of America increased their target price on shares of Berry Global Group from $74.00 to $81.00 and gave the stock a buy rating in a report on Friday, May 10th. Finally, Robert W. Baird reiterated a neutral rating and issued a $65.00 target price (down from $68.00) on shares of Berry Global Group in a report on Tuesday, April 16th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $71.40.

Berry Global Group Price Performance

Shares of BERY stock opened at $62.66 on Friday. Berry Global Group has a 52-week low of $53.92 and a 52-week high of $69.93. The stock has a market cap of $7.17 billion, a PE ratio of 14.88, a PEG ratio of 1.33 and a beta of 1.17. The company has a debt-to-equity ratio of 2.64, a quick ratio of 1.01 and a current ratio of 1.74. The firm’s 50 day moving average price is $61.28 and its two-hundred day moving average price is $60.32.

Berry Global Group (NYSE:BERY) last announced its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same period last year, the firm earned $1.90 earnings per share. The business’s revenue for the quarter was down 2.1% on a year-over-year basis. As a group, analysts forecast that Berry Global Group will post 7.44 EPS for the current year.

Berry Global Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date is Tuesday, September 3rd. Berry Global Group’s dividend payout ratio (DPR) is presently 26.13%.

Insider Activity

In related news, CFO Mark W. Miles sold 1,118 shares of Berry Global Group stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $60.29, for a total transaction of $67,404.22. Following the completion of the sale, the chief financial officer now owns 119,384 shares of the company’s stock, valued at approximately $7,197,661.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Berry Global Group news, Director Peter T. Thomas acquired 1,000 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was acquired at an average price of $59.50 per share, for a total transaction of $59,500.00. Following the purchase, the director now directly owns 4,407 shares of the company’s stock, valued at $262,216.50. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark W. Miles sold 1,118 shares of Berry Global Group stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $60.29, for a total transaction of $67,404.22. Following the completion of the sale, the chief financial officer now owns 119,384 shares of the company’s stock, valued at approximately $7,197,661.36. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Berry Global Group

Several hedge funds and other institutional investors have recently made changes to their positions in BERY. Blue Trust Inc. raised its position in shares of Berry Global Group by 203.7% in the 4th quarter. Blue Trust Inc. now owns 650 shares of the industrial products company’s stock valued at $40,000 after buying an additional 436 shares in the last quarter. Sequoia Financial Advisors LLC increased its position in Berry Global Group by 291.8% during the 4th quarter. Sequoia Financial Advisors LLC now owns 13,538 shares of the industrial products company’s stock worth $912,000 after purchasing an additional 10,083 shares in the last quarter. Harbour Trust & Investment Management Co acquired a new position in Berry Global Group during the 4th quarter worth approximately $7,205,000. Sapient Capital LLC acquired a new position in Berry Global Group during the 4th quarter worth approximately $525,000. Finally, Louisiana State Employees Retirement System acquired a new position in Berry Global Group during the 4th quarter worth approximately $2,237,000. 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.