StockNews.com Downgrades Berry Global Group (NYSE:BERY) to Hold

Berry Global Group (NYSE:BERY) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

BERY has been the topic of several other research reports. UBS Group dropped their price objective on Berry Global Group from $89.00 to $77.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Truist Financial lifted their price objective on shares of Berry Global Group from $68.00 to $74.00 and gave the stock a “hold” rating in a research report on Tuesday, October 15th. Finally, Morgan Stanley began coverage on shares of Berry Global Group in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 target price for the company. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Berry Global Group currently has a consensus rating of “Hold” and an average price target of $71.22.

Berry Global Group Price Performance

Shares of BERY opened at $69.37 on Tuesday. 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 company’s fifty day simple moving average is $67.18 and its 200 day simple moving average is $62.66. Berry Global Group has a 1-year low of $53.92 and a 1-year high of $70.86. The company has a market cap of $7.94 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 1.10 and a beta of 1.15.

Berry Global Group (NYSE:BERY) last released its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.16. The company had revenue of $3.16 billion for 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% compared to the same quarter last year. During the same period in the previous year, the business earned $1.90 EPS. On average, research analysts forecast that Berry Global Group will post 7.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Evan Bayh sold 14,000 shares of Berry Global Group stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total value of $981,820.00. Following the completion of the sale, the director now directly owns 30,228 shares in the company, valued at approximately $2,119,889.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.00% of the company’s stock.

Institutional Trading of Berry Global Group

Large investors have recently modified their holdings of the stock. EdgePoint Investment Group Inc. boosted its position in shares of Berry Global Group by 16.7% during the 1st quarter. EdgePoint Investment Group Inc. now owns 13,548,966 shares of the industrial products company’s stock worth $819,441,000 after acquiring an additional 1,934,137 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of 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 purchasing an additional 1,200,021 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Berry Global Group by 30.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,472,624 shares of the industrial products company’s stock valued at $204,365,000 after purchasing an additional 807,211 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Berry Global Group by 280.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 798,092 shares of the industrial products company’s stock worth $46,968,000 after buying an additional 588,114 shares in the last quarter. Finally, Eminence Capital LP lifted its position in shares of Berry Global Group by 22.2% during the 2nd quarter. Eminence Capital LP now owns 2,714,539 shares of the industrial products company’s stock worth $159,751,000 after buying an additional 492,793 shares during the last quarter. 95.36% of the stock is owned by institutional investors and hedge funds.

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.