ProShare Advisors LLC Trims Position in Berry Global Group, Inc. (NYSE:BERY)

ProShare Advisors LLC reduced its holdings in Berry Global Group, Inc. (NYSE:BERY) by 4.6% during the 2nd quarter, Holdings Channel reports. The fund owned 5,395 shares of the industrial products company’s stock after selling 260 shares during the period. ProShare Advisors LLC’s holdings in Berry Global Group were worth $317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BERY. Sei Investments Co. boosted its stake in shares of Berry Global Group by 17.6% in the second quarter. Sei Investments Co. now owns 190,114 shares of the industrial products company’s stock worth $11,188,000 after buying an additional 28,509 shares during the last quarter. XTX Topco Ltd boosted its position in Berry Global Group by 123.8% in the 2nd quarter. XTX Topco Ltd now owns 10,789 shares of the industrial products company’s stock worth $635,000 after purchasing an additional 5,969 shares in the last quarter. Seven Eight Capital LP grew its stake in shares of Berry Global Group by 101.7% during the 2nd quarter. Seven Eight Capital LP now owns 19,706 shares of the industrial products company’s stock worth $1,160,000 after purchasing an additional 9,936 shares during the period. Hsbc Holdings PLC purchased a new position in shares of Berry Global Group during the 2nd quarter valued at approximately $381,000. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in shares of Berry Global Group by 1.9% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 9,424 shares of the industrial products company’s stock valued at $555,000 after purchasing an additional 176 shares during the period. Institutional investors and hedge funds own 95.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BERY shares. UBS Group cut their price objective on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. StockNews.com upgraded Berry Global Group from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Morgan Stanley started coverage on Berry Global Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 price target on the stock. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Berry Global Group currently has a consensus rating of “Hold” and an average price target of $71.82.

Berry Global Group Stock Performance

NYSE BERY opened at $66.23 on Friday. The company has a debt-to-equity ratio of 2.57, a quick ratio of 1.08 and a current ratio of 1.82. The stock’s fifty day moving average is $66.05 and its two-hundred day moving average is $61.84. The firm has a market capitalization of $7.58 billion, a P/E ratio of 15.73, a price-to-earnings-growth ratio of 1.20 and a beta of 1.15. Berry Global Group, Inc. has a fifty-two week low of $53.92 and a fifty-two week high of $69.93.

Berry Global Group (NYSE:BERY) last announced 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 firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Berry Global Group had a net margin of 4.55% and a return on equity of 27.32%. The company’s revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.90 EPS. On average, research analysts anticipate that Berry Global Group, Inc. will post 7.6 earnings per share for the current year.

Berry Global Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were given a $0.275 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.10 dividend on an annualized basis and a yield of 1.66%. Berry Global Group’s dividend payout ratio is currently 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.