State of Michigan Retirement System Has $1.62 Million Holdings in Berry Global Group, Inc. (NYSE:BERY)

State of Michigan Retirement System cut its stake in Berry Global Group, Inc. (NYSE:BERY) by 3.2% in the second quarter, HoldingsChannel reports. The fund owned 27,600 shares of the industrial products company’s stock after selling 900 shares during the period. State of Michigan Retirement System’s holdings in Berry Global Group were worth $1,624,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. EdgePoint Investment Group Inc. raised its stake 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 worth $819,441,000 after acquiring an additional 1,934,137 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Berry Global Group by 10.2% during the first quarter. Vanguard Group Inc. now owns 12,931,050 shares of the industrial products company’s stock worth $782,070,000 after buying an additional 1,200,021 shares during the last quarter. LSV Asset Management raised its stake in shares of Berry Global Group by 4.1% during the fourth quarter. LSV Asset Management now owns 4,330,213 shares of the industrial products company’s stock worth $291,813,000 after buying an additional 170,317 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Berry Global Group by 2.5% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,282,248 shares of the industrial products company’s stock worth $221,191,000 after buying an additional 81,496 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Berry Global Group by 1.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,212,389 shares of the industrial products company’s stock worth $149,099,000 after buying an additional 38,414 shares during the last quarter. 95.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. StockNews.com downgraded shares of Berry Global Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st. Bank of America boosted their price target on shares of Berry Global Group from $74.00 to $81.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Finally, UBS Group dropped their price target on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $71.40.

Berry Global Group Stock Up 0.7 %

Berry Global Group stock opened at $67.68 on Thursday. The stock has a market capitalization of $7.74 billion, a PE ratio of 16.08, a price-to-earnings-growth ratio of 1.33 and a beta of 1.17. Berry Global Group, Inc. has a twelve month low of $53.92 and a twelve month high of $69.93. The company has a quick ratio of 1.01, a current ratio of 1.74 and a debt-to-equity ratio of 2.64. The company has a 50 day moving average of $62.77 and a 200-day moving average of $60.39.

Berry Global Group (NYSE:BERY) last released its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.16. The company had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Berry Global Group had a net margin of 4.12% and a return on equity of 26.55%. The business’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.90 earnings per share. On average, equities research analysts anticipate that Berry Global Group, Inc. will post 7.44 EPS for the current fiscal year.

Berry Global Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Tuesday, September 3rd. Berry Global Group’s dividend payout ratio (DPR) is presently 26.13%.

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.