CIBC Asset Management Inc Buys New Shares in Berry Global Group, Inc. (NYSE:BERY)

CIBC Asset Management Inc purchased a new position in Berry Global Group, Inc. (NYSE:BERY) during the 3rd quarter, Holdings Channel reports. The firm purchased 3,364 shares of the industrial products company’s stock, valued at approximately $229,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its position in Berry Global Group by 33.8% during the first quarter. Russell Investments Group Ltd. now owns 37,552 shares of the industrial products company’s stock worth $2,271,000 after buying an additional 9,483 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Berry Global Group in the 1st quarter worth approximately $691,000. BOKF NA lifted its position in shares of Berry Global Group by 26.3% in the 1st quarter. BOKF NA now owns 79,330 shares of the industrial products company’s stock worth $4,809,000 after acquiring an additional 16,497 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Berry Global Group by 4.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 835,334 shares of the industrial products company’s stock worth $56,786,000 after purchasing an additional 37,242 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its position in shares of Berry Global Group by 370.0% during the second quarter. Mercer Global Advisors Inc. ADV now owns 114,868 shares of the industrial products company’s stock valued at $6,760,000 after purchasing an additional 90,428 shares during the period. Institutional investors own 95.36% of the company’s stock.

Berry Global Group Stock Up 1.1 %

NYSE BERY opened at $71.69 on Friday. The stock’s 50 day simple moving average is $68.09 and its 200 day simple moving average is $64.32. Berry Global Group, Inc. has a one year low of $54.06 and a one year high of $72.50. The firm has a market cap of $8.22 billion, a PE ratio of 16.33, a price-to-earnings-growth ratio of 1.09 and a beta of 1.14. The company has a debt-to-equity ratio of 2.57, a current ratio of 1.82 and a quick ratio of 1.08.

Berry Global Group Increases Dividend

The firm also recently announced 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 represents a $1.24 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from Berry Global Group’s previous quarterly dividend of $0.28. Berry Global Group’s dividend payout ratio is presently 25.06%.

Insider Activity

In other news, Director Evan Bayh sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total transaction of $981,820.00. Following the transaction, the director now directly owns 30,228 shares in the company, valued at approximately $2,119,889.64. This represents a 31.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

BERY has been the topic of a number of recent research reports. Royal Bank of Canada lifted their price target on shares of Berry Global Group from $69.00 to $73.00 and gave the stock a “sector perform” rating in a research note on Thursday. Morgan Stanley initiated 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 target price on the stock. Truist Financial reissued a “hold” rating and issued a $72.00 price target (down previously from $74.00) on shares of Berry Global Group in a research report on Wednesday. StockNews.com raised Berry Global Group from a “hold” rating to a “buy” rating in a report on Friday, November 15th. Finally, UBS Group downgraded Berry Global Group from a “buy” rating to a “neutral” rating and cut their target price for the stock from $82.00 to $75.00 in a research report on Friday. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $72.00.

Berry Global Group 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.