Panagora Asset Management Inc. Cuts Stake in Berry Global Group, Inc. (NYSE:BERY)

Panagora Asset Management Inc. lowered its stake in shares of Berry Global Group, Inc. (NYSE:BERY) by 16.2% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,962 shares of the industrial products company’s stock after selling 1,536 shares during the quarter. Panagora Asset Management Inc.’s holdings in Berry Global Group were worth $469,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in shares of Berry Global Group by 280.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 798,092 shares of the industrial products company’s stock valued at $46,968,000 after buying an additional 588,114 shares during the period. Bank of New York Mellon Corp raised its stake in Berry Global Group by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,184,656 shares of the industrial products company’s stock valued at $69,717,000 after acquiring an additional 10,194 shares during the period. apricus wealth LLC lifted its holdings in Berry Global Group by 12.5% during the second quarter. apricus wealth LLC now owns 27,021 shares of the industrial products company’s stock valued at $1,590,000 after purchasing an additional 2,995 shares during the last quarter. LRI Investments LLC boosted its position in Berry Global Group by 1,309.1% during the second quarter. LRI Investments LLC now owns 620 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 576 shares during the period. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of Berry Global Group in the second quarter worth about $87,000. Institutional investors own 95.36% of the company’s stock.

Berry Global Group Stock Performance

Shares of BERY opened at $68.26 on Wednesday. The company has a current ratio of 1.82, a quick ratio of 1.08 and a debt-to-equity ratio of 2.57. The stock has a 50-day moving average price of $63.39 and a 200-day moving average price of $60.68. The company has a market cap of $7.81 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 1.36 and a beta of 1.17. Berry Global Group, Inc. has a 12-month low of $53.92 and a 12-month high of $69.93.

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

Berry Global Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.10 dividend on an annualized basis and a yield of 1.61%. Berry Global Group’s payout ratio is 26.13%.

Wall Street Analyst Weigh In

Several research analysts recently commented on BERY shares. Bank of America raised their price objective 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. UBS Group reduced their price target on Berry Global Group from $89.00 to $77.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Finally, StockNews.com lowered Berry Global Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $71.40.

Berry Global Group 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.