Berry Global Group (NYSE:BERY) Reaches New 52-Week High Following Analyst Upgrade

Berry Global Group, Inc. (NYSE:BERY) hit a new 52-week high during mid-day trading on Tuesday after Truist Financial raised their price target on the stock from $68.00 to $74.00. Truist Financial currently has a hold rating on the stock. Berry Global Group traded as high as $69.94 and last traded at $69.79, with a volume of 41243 shares trading hands. The stock had previously closed at $69.29.

Other analysts have also issued reports about the stock. 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 on the stock. UBS Group dropped their price objective on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Finally, StockNews.com cut shares of Berry Global Group from a “buy” rating to a “hold” rating in a research report on Friday, October 11th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $72.40.

Institutional Trading of Berry Global Group

A number of large investors have recently made changes to their positions in the company. EdgePoint Investment Group Inc. increased its position in Berry Global Group by 10.3% during the second quarter. EdgePoint Investment Group Inc. now owns 14,942,921 shares of the industrial products company’s stock worth $879,391,000 after buying an additional 1,393,955 shares during the period. Vanguard Group Inc. increased 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 acquiring an additional 1,200,021 shares during the period. Dimensional Fund Advisors LP raised its position in 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. Eminence Capital LP raised its position in Berry Global Group by 22.2% in the 2nd quarter. Eminence Capital LP now owns 2,714,539 shares of the industrial products company’s stock valued at $159,751,000 after purchasing an additional 492,793 shares during the last quarter. Finally, Ancora Advisors LLC boosted its stake in Berry Global Group by 18.7% during the 1st quarter. Ancora Advisors LLC now owns 1,701,163 shares of the industrial products company’s stock worth $102,886,000 after purchasing an additional 267,413 shares during the period. 95.36% of the stock is owned by institutional investors and hedge funds.

Berry Global Group Price Performance

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 company has a market capitalization of $7.99 billion, a PE ratio of 16.58, a P/E/G ratio of 1.10 and a beta of 1.15. The company’s 50-day simple moving average is $66.62 and its 200-day simple moving average is $62.37.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.16. The firm had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.26 billion. Berry Global Group had a return on equity of 27.32% and a net margin of 4.55%. The business’s revenue was down 2.1% on a year-over-year basis. During the same quarter last year, the company posted $1.90 earnings per share. As a group, sell-side analysts anticipate that Berry Global Group, Inc. will post 7.6 earnings per share for the current year.

Berry Global Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a $0.275 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.10 dividend on an annualized basis and a yield of 1.58%. Berry Global Group’s dividend payout ratio (DPR) is 26.13%.

Berry Global Group Company Profile

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.