Berry Global Group (NYSE:BERY) Sees Strong Trading Volume Following Earnings Beat

Berry Global Group, Inc. (NYSE:BERY) shares saw strong trading volume on Wednesday following a stronger than expected earnings report. 2,359,400 shares were traded during mid-day trading, an increase of 80% from the previous session’s volume of 1,308,676 shares.The stock last traded at $71.67 and had previously closed at $70.50.

The industrial products company reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.35 billion. Berry Global Group had a net margin of 4.21% and a return on equity of 26.32%. Berry Global Group’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.22 earnings per share.

Berry Global Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.31 dividend. The ex-dividend date is Monday, March 3rd. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.74%. Berry Global Group’s dividend payout ratio is presently 28.25%.

Analysts Set New Price Targets

A number of analysts recently commented on BERY shares. Barclays lifted their price target on Berry Global Group from $64.00 to $75.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 27th. Royal Bank of Canada lifted their target price on Berry Global Group from $69.00 to $73.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 21st. Citigroup reissued a “neutral” rating and issued a $76.00 price target on shares of Berry Global Group in a report on Monday, November 25th. UBS Group decreased their price objective on shares of Berry Global Group from $75.00 to $72.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Finally, StockNews.com initiated coverage on shares of Berry Global Group in a research note on Wednesday. They issued a “buy” rating on the stock. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $73.30.

Hedge Funds Weigh In On Berry Global Group

Several hedge funds have recently bought and sold shares of BERY. UMB Bank n.a. boosted its holdings in Berry Global Group by 89.0% in the 4th quarter. UMB Bank n.a. now owns 650 shares of the industrial products company’s stock valued at $42,000 after purchasing an additional 306 shares during the period. Venturi Wealth Management LLC boosted its stake in Berry Global Group by 463.5% during the fourth quarter. Venturi Wealth Management LLC now owns 1,065 shares of the industrial products company’s stock valued at $69,000 after buying an additional 876 shares during the period. Capital Performance Advisors LLP purchased a new position in Berry Global Group during the third quarter worth about $75,000. GAMMA Investing LLC increased its stake in Berry Global Group by 332.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,181 shares of the industrial products company’s stock worth $80,000 after acquiring an additional 908 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Berry Global Group in the 3rd quarter valued at about $152,000. Hedge funds and other institutional investors own 95.36% of the company’s stock.

Berry Global Group Trading Up 1.2 %

The company has a debt-to-equity ratio of 2.08, a quick ratio of 0.80 and a current ratio of 1.25. The stock has a market cap of $8.26 billion, a P/E ratio of 16.26, a P/E/G ratio of 1.45 and a beta of 1.15. The stock has a 50-day moving average price of $67.46 and a 200-day moving average price of $67.20.

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.