StockNews.com Upgrades Berry Global Group (NYSE:BERY) to “Buy”

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 Friday morning.

Several other research firms have also recently commented on BERY. Truist Financial boosted their price target on Berry Global Group from $68.00 to $74.00 and gave the stock a “hold” rating in a research note on Tuesday, October 15th. Morgan Stanley began coverage on shares of Berry Global Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Berry Global Group presently has an average rating of “Hold” and an average target price of $71.22.

Berry Global Group Stock Performance

Berry Global Group stock opened at $66.80 on Friday. Berry Global Group has a 12-month low of $54.06 and a 12-month high of $71.63. The company has a debt-to-equity ratio of 2.57, a current ratio of 1.82 and a quick ratio of 1.08. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of 14.27, a price-to-earnings-growth ratio of 1.10 and a beta of 1.14. The firm’s fifty day moving average price is $67.90 and its 200 day moving average price is $64.13.

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 issued a dividend of $0.31 per share. This is an increase from Berry Global Group’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.24 annualized dividend and a dividend yield of 1.86%. Berry Global Group’s payout ratio is 23.50%.

Insider Transactions at Berry Global Group

In other news, Director Evan Bayh sold 14,000 shares of the business’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 transaction of $981,820.00. Following the completion of the transaction, the director now directly owns 30,228 shares in the company, valued at approximately $2,119,889.64. The trade was a 31.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 4.00% of the company’s stock.

Institutional Trading of Berry Global Group

Several large investors have recently added to or reduced their stakes in BERY. Geode Capital Management LLC boosted its holdings in shares of Berry Global Group by 1.4% in the third quarter. Geode Capital Management LLC now owns 1,982,517 shares of the industrial products company’s stock valued at $134,806,000 after acquiring an additional 27,437 shares in the last quarter. M&T Bank Corp increased its position in shares of Berry Global Group by 3.1% in the third quarter. M&T Bank Corp now owns 5,832 shares of the industrial products company’s stock worth $396,000 after acquiring an additional 173 shares in the last quarter. Guardian Wealth Management Inc. raised its stake in Berry Global Group by 1.2% during the 3rd quarter. Guardian Wealth Management Inc. now owns 29,990 shares of the industrial products company’s stock valued at $2,039,000 after purchasing an additional 367 shares during the period. Barclays PLC grew its holdings in shares of Berry Global Group by 87.1% during the third quarter. Barclays PLC now owns 101,956 shares of the industrial products company’s stock valued at $6,931,000 after buying an additional 47,476 shares in the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Berry Global Group by 8.7% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 55,785 shares of the industrial products company’s stock valued at $3,792,000 after purchasing an additional 4,458 shares during the period. 95.36% of the stock is currently 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.