Berry Global Group (NYSE:BERY) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Berry Global Group (NYSE:BERY) from a hold rating to a buy rating in a research report report published on Tuesday.

Other equities analysts have also issued research reports about the company. Wolfe Research assumed coverage on Berry Global Group in a research note on Friday, March 1st. They issued a peer perform rating for the company. Robert W. Baird reaffirmed a neutral rating and set a $65.00 target price (down previously from $68.00) on shares of Berry Global Group in a report on Tuesday, April 16th. Truist Financial reiterated a hold rating and issued a $68.00 price target (down previously from $75.00) on shares of Berry Global Group in a report on Wednesday, March 27th. Bank of America lifted their price objective 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. Finally, TheStreet lowered shares of Berry Global Group from a b- rating to a c+ rating in a research note on Monday, February 26th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Berry Global Group presently has an average rating of Moderate Buy and an average price target of $72.60.

Berry Global Group Price Performance

Shares of NYSE BERY opened at $60.46 on Tuesday. Berry Global Group has a fifty-two week low of $53.92 and a fifty-two week high of $69.93. The company has a market cap of $6.92 billion, a PE ratio of 14.36, a P/E/G ratio of 1.27 and a beta of 1.19. 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 business has a 50-day simple moving average of $59.27 and a two-hundred day simple moving average of $61.37.

Berry Global Group (NYSE:BERY) last released its 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 net margin of 4.12% and a return on equity of 26.55%. The company had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period last year, the business earned $1.96 EPS. Berry Global Group’s revenue for the quarter was down 6.4% on a year-over-year basis. As a group, equities analysts expect that Berry Global Group will post 7.43 EPS for the current fiscal year.

Berry Global Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date of this dividend was Monday, June 3rd. Berry Global Group’s dividend payout ratio (DPR) is presently 26.13%.

Insider Activity at Berry Global Group

In other news, CFO Mark W. Miles sold 1,118 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 119,384 shares of the company’s stock, valued at approximately $7,197,661.36. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Mark W. Miles sold 1,118 shares of the business’s 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 $7,197,661.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter T. Thomas purchased 1,000 shares of the firm’s 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 in the company, valued at approximately $262,216.50. The disclosure for this purchase can be found here. 4.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. EdgePoint Investment Group Inc. raised its position in shares of Berry Global Group by 16.7% in the first quarter. EdgePoint Investment Group Inc. now owns 13,548,966 shares of the industrial products company’s stock valued at $819,441,000 after buying an additional 1,934,137 shares during the last quarter. Vanguard Group Inc. raised its holdings in Berry Global Group by 10.2% in 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 acquiring an additional 1,200,021 shares during the last quarter. LSV Asset Management lifted its stake in Berry Global Group by 4.1% in the 4th quarter. LSV Asset Management now owns 4,330,213 shares of the industrial products company’s stock worth $291,813,000 after purchasing an additional 170,317 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Berry Global Group by 2.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,282,248 shares of the industrial products company’s stock worth $221,191,000 after purchasing an additional 81,496 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Berry Global Group by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,212,389 shares of the industrial products company’s stock valued at $149,099,000 after purchasing an additional 38,414 shares in the last quarter. 95.36% of the stock is 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.