Berry Global Group (NYSE:BERY) Raised to Buy at StockNews.com

StockNews.com upgraded shares of Berry Global Group (NYSE:BERY) from a hold rating to a buy rating in a report released on Wednesday morning.

A number of other research analysts also recently issued reports on BERY. Truist Financial lifted their price objective on shares of Berry Global Group from $68.00 to $74.00 and gave the stock a “hold” rating in a research report on Tuesday, October 15th. Morgan Stanley started coverage on shares of Berry Global Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 target price for the company. Finally, UBS Group lowered their target price 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 four have issued a buy rating to the stock. Based on data from MarketBeat, Berry Global Group currently has an average rating of “Hold” and an average price target of $71.22.

Berry Global Group Stock Up 0.2 %

Shares of Berry Global Group stock opened at $70.58 on Wednesday. The firm’s 50 day moving average price is $67.99 and its 200-day moving average price is $63.29. The company has a quick ratio of 1.08, a current ratio of 1.82 and a debt-to-equity ratio of 2.57. Berry Global Group has a 52-week low of $54.06 and a 52-week high of $71.52. The company has a market cap of $8.09 billion, a P/E ratio of 15.08, a PEG ratio of 1.16 and a beta of 1.15.

Berry Global Group (NYSE:BERY) last issued its quarterly earnings data 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. Berry Global Group had a net margin of 4.55% and a return on equity of 27.32%. The firm had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the previous year, the firm earned $1.90 EPS. The company’s quarterly revenue was down 2.1% compared to the same quarter last year. On average, sell-side analysts predict that Berry Global Group will post 7.6 EPS for the current fiscal year.

Berry Global Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.76%. This is a boost from Berry Global Group’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Monday, December 2nd. Berry Global Group’s payout ratio is presently 23.50%.

Insider Buying and Selling at Berry Global Group

In other Berry Global Group news, Director Evan Bayh sold 14,000 shares of Berry Global Group 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 completion of the sale, the director now directly owns 30,228 shares in the company, valued at approximately $2,119,889.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Berry Global Group

Large investors have recently made changes to their positions in the company. FORA Capital LLC acquired a new position in shares of Berry Global Group in the 1st quarter valued at $1,492,000. Sei Investments Co. lifted its stake in shares of Berry Global Group by 8.3% in the 1st quarter. Sei Investments Co. now owns 161,605 shares of the industrial products company’s stock valued at $9,774,000 after purchasing an additional 12,385 shares during the period. State Board of Administration of Florida Retirement System lifted its stake in shares of Berry Global Group by 11.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 131,860 shares of the industrial products company’s stock valued at $7,767,000 after purchasing an additional 13,398 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Berry Global Group by 33.8% in the 1st quarter. Russell Investments Group Ltd. now owns 37,552 shares of the industrial products company’s stock valued at $2,271,000 after purchasing an additional 9,483 shares during the period. Finally, Virtu Financial LLC purchased a new stake in Berry Global Group in the 1st quarter worth $691,000. 95.36% of the stock is currently owned by institutional investors and hedge funds.

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.