Berry Global Group (NYSE:BERY) Posts Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Berry Global Group (NYSE:BERY) posted its earnings results on Friday. The industrial products company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.16, Briefing.com reports. The business had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.26 billion. Berry Global Group had a net margin of 4.12% and a return on equity of 26.55%. The firm’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.90 EPS. Berry Global Group updated its FY24 guidance to $7.60 EPS and its FY 2024 guidance to 7.600-7.600 EPS.

Berry Global Group Stock Down 4.2 %

BERY traded down $2.73 during trading on Friday, hitting $62.92. The company had a trading volume of 2,342,215 shares, compared to its average volume of 857,645. The company has a market capitalization of $7.20 billion, a PE ratio of 14.95, a PEG ratio of 1.33 and a beta of 1.17. The company has a quick ratio of 1.01, a current ratio of 1.74 and a debt-to-equity ratio of 2.64. Berry Global Group has a one year low of $53.92 and a one year high of $69.93. The firm’s 50-day moving average price is $61.02 and its 200 day moving average price is $60.43.

Berry Global Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend is Tuesday, September 3rd. Berry Global Group’s dividend payout ratio is 26.13%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Robert W. Baird restated a “neutral” rating and issued a $65.00 target price (down from $68.00) on shares of Berry Global Group in a research note on Tuesday, April 16th. UBS Group decreased their price target on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. StockNews.com raised shares of Berry Global Group from a “hold” rating to a “buy” rating in a report on Saturday, July 27th. Finally, Bank of America upped their price objective on Berry Global Group from $74.00 to $81.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.40.

Insiders Place Their Bets

In other news, CFO Mark W. Miles sold 1,118 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $60.29, for a total transaction of $67,404.22. Following the completion of the transaction, the chief financial officer now directly owns 119,384 shares of the company’s stock, valued at $7,197,661.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Mark W. Miles sold 1,118 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $60.29, for a total value of $67,404.22. Following the completion of the transaction, the chief financial officer now owns 119,384 shares of the company’s stock, valued at $7,197,661.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Peter T. Thomas purchased 1,000 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were acquired at an average cost of $59.50 per share, for a total transaction of $59,500.00. Following the completion of the transaction, the director now directly owns 4,407 shares in the company, valued at $262,216.50. The disclosure for this purchase can be found here. Corporate insiders own 4.00% 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.