Berry Global Group (NYSE:BERY) Downgraded to “Hold” at StockNews.com

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

A number of other research analysts have also recently weighed in on BERY. Bank of America boosted their target price on shares of Berry Global Group from $74.00 to $81.00 and gave the company a buy rating in a research note on Friday, May 10th. Royal Bank of Canada reissued a sector perform rating and set a $62.00 price objective (down from $72.00) on shares of Berry Global Group in a report on Friday, March 15th. Wolfe Research initiated coverage on Berry Global Group in a research note on Friday, March 1st. They issued a peer perform rating on the stock. Truist Financial reiterated a hold rating and set a $68.00 price target (down previously from $75.00) on shares of Berry Global Group in a research note on Wednesday, March 27th. Finally, Robert W. Baird restated a neutral rating and issued a $65.00 price objective (down from $68.00) on shares of Berry Global Group in a research note on Tuesday, April 16th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $72.60.

Berry Global Group Trading Up 1.7 %

NYSE:BERY opened at $60.12 on Monday. Berry Global Group has a 52 week low of $53.92 and a 52 week high of $69.93. The firm has a 50-day moving average price of $58.93 and a two-hundred day moving average price of $61.59. 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 has a market cap of $6.88 billion, a price-to-earnings ratio of 14.28, a price-to-earnings-growth ratio of 1.23 and a beta of 1.19.

Berry Global Group (NYSE:BERY) last issued its quarterly earnings results on Thursday, May 9th. The industrial products company reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.90 by $0.05. Berry Global Group had a return on equity of 26.55% and a net margin of 4.12%. The business had revenue of $3.08 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period last year, the company posted $1.96 earnings per share. Berry Global Group’s quarterly revenue was down 6.4% compared to the same quarter last year. On average, equities analysts expect that Berry Global Group will post 7.43 earnings per share for the current fiscal year.

Berry Global Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend was Monday, June 3rd. Berry Global Group’s dividend payout ratio is presently 26.13%.

Insider Buying and Selling at Berry Global Group

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC bought a new stake in Berry Global Group during the fourth quarter worth about $31,000. LRI Investments LLC purchased a new position in shares of Berry Global Group during the 1st quarter valued at about $38,000. Blue Trust Inc. lifted its position in Berry Global Group by 203.7% in the 4th quarter. Blue Trust Inc. now owns 650 shares of the industrial products company’s stock worth $40,000 after buying an additional 436 shares during the last quarter. Quarry LP boosted its stake in Berry Global Group by 433.1% in the fourth quarter. Quarry LP now owns 757 shares of the industrial products company’s stock worth $51,000 after buying an additional 615 shares in the last quarter. Finally, CWM LLC grew its position in Berry Global Group by 200.0% during the fourth quarter. CWM LLC now owns 1,575 shares of the industrial products company’s stock valued at $106,000 after acquiring an additional 1,050 shares during the last quarter. 95.36% of the stock is currently owned by hedge funds and other institutional investors.

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.