Berry Global Group (NYSE:BERY) Receives Neutral Rating from Citigroup

Citigroup reaffirmed their neutral rating on shares of Berry Global Group (NYSE:BERY) in a report published on Monday morning, Marketbeat reports. The brokerage currently has a $76.00 target price on the industrial products company’s stock.

Several other analysts have also issued reports on BERY. UBS Group lowered Berry Global Group from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $82.00 to $75.00 in a research note on Friday. StockNews.com upgraded Berry Global Group from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. Truist Financial reaffirmed a “hold” rating and set a $72.00 price target (down previously from $74.00) on shares of Berry Global Group in a report on Wednesday, November 20th. Morgan Stanley initiated coverage on shares of Berry Global Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 price objective on the stock. Finally, Royal Bank of Canada lifted their target price on shares of Berry Global Group from $69.00 to $73.00 and gave the stock a “sector perform” rating in a report on Thursday, November 21st. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $72.73.

Berry Global Group Stock Performance

Shares of BERY opened at $71.55 on Monday. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.41 and a quick ratio of 0.26. The firm has a 50-day moving average of $68.22 and a 200-day moving average of $64.44. The company has a market cap of $8.20 billion, a PE ratio of 16.30, a price-to-earnings-growth ratio of 1.40 and a beta of 1.14. Berry Global Group has a one year low of $54.06 and a one year high of $73.31.

Berry Global Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.73%. 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. Berry Global Group’s payout ratio is presently 25.06%.

Insider Activity at Berry Global Group

In other Berry Global Group news, Director Evan Bayh sold 14,000 shares of Berry Global Group stock in a transaction 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 completion of the transaction, the director now directly owns 30,228 shares of the company’s stock, valued at $2,119,889.64. The trade was a 31.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BERY. EdgePoint Investment Group Inc. lifted its position in Berry Global Group by 16.7% during the first quarter. EdgePoint Investment Group Inc. now owns 13,548,966 shares of the industrial products company’s stock worth $819,441,000 after purchasing an additional 1,934,137 shares during the period. FMR LLC raised its position in shares of Berry Global Group by 38.4% in the 3rd quarter. FMR LLC now owns 3,807,317 shares of the industrial products company’s stock valued at $258,821,000 after buying an additional 1,055,756 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Berry Global Group by 30.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,472,624 shares of the industrial products company’s stock worth $204,365,000 after acquiring an additional 807,211 shares during the period. Allspring Global Investments Holdings LLC boosted its position 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 acquiring an additional 588,114 shares in the last quarter. Finally, Eminence Capital LP increased its stake in Berry Global Group by 22.2% in the second quarter. Eminence Capital LP now owns 2,714,539 shares of the industrial products company’s stock valued at $159,751,000 after acquiring an additional 492,793 shares during the last quarter. Institutional investors own 95.36% of the company’s stock.

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.