Short Interest in Berry Global Group, Inc. (NYSE:BERY) Expands By 5.5%

Berry Global Group, Inc. (NYSE:BERY) was the target of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 4,420,000 shares, a growth of 5.5% from the September 30th total of 4,190,000 shares. Based on an average trading volume of 757,700 shares, the short-interest ratio is currently 5.8 days. Currently, 3.9% of the shares of the company are sold short.

Berry Global Group Stock Up 0.2 %

BERY stock opened at $70.58 on Friday. The stock has a market cap of $8.09 billion, a price-to-earnings ratio of 15.08, a price-to-earnings-growth ratio of 1.16 and a beta of 1.15. The company’s 50 day moving average is $67.92 and its 200 day moving average is $63.19. The company has a current ratio of 1.82, a quick ratio of 1.08 and a debt-to-equity ratio of 2.57. Berry Global Group has a 1-year low of $54.06 and a 1-year high of $71.52.

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

Berry Global Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.31 dividend. The ex-dividend date is Monday, December 2nd. This is a positive change from Berry Global Group’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.76%. Berry Global Group’s payout ratio is currently 23.50%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on BERY shares. UBS Group lowered their price objective on shares of 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. Morgan Stanley began coverage on shares of Berry Global Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 price objective for the company. StockNews.com raised shares of Berry Global Group from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Truist Financial lifted their target price on shares of Berry Global Group from $68.00 to $74.00 and gave the company a “hold” rating in a research note on Tuesday, October 15th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $71.22.

Insider Activity

In related news, Director Evan Bayh sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $70.13, for a total value of $981,820.00. Following the transaction, the director now directly owns 30,228 shares in the company, valued at approximately $2,119,889.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On Berry Global Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BERY. EdgePoint Investment Group Inc. lifted its holdings in shares of Berry Global Group by 10.3% in the 2nd quarter. EdgePoint Investment Group Inc. now owns 14,942,921 shares of the industrial products company’s stock valued at $879,391,000 after purchasing an additional 1,393,955 shares during the last quarter. Vanguard Group Inc. grew its holdings in Berry Global Group by 10.2% during the 1st quarter. Vanguard Group Inc. now owns 12,931,050 shares of the industrial products company’s stock valued at $782,070,000 after buying an additional 1,200,021 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Berry Global Group by 30.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,472,624 shares of the industrial products company’s stock worth $204,365,000 after purchasing an additional 807,211 shares during the last quarter. Eminence Capital LP boosted its holdings in shares of Berry Global Group by 22.2% during the second quarter. Eminence Capital LP now owns 2,714,539 shares of the industrial products company’s stock worth $159,751,000 after purchasing an additional 492,793 shares during the last quarter. Finally, Ancora Advisors LLC raised its position in shares of Berry Global Group by 18.7% in the 1st quarter. Ancora Advisors LLC now owns 1,701,163 shares of the industrial products company’s stock worth $102,886,000 after buying an additional 267,413 shares during the period. Hedge funds and other institutional investors own 95.36% of the company’s stock.

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.