Magnetar Financial LLC Makes New Investment in Berry Global Group, Inc. (NYSE:BERY)

Magnetar Financial LLC acquired a new position in shares of Berry Global Group, Inc. (NYSE:BERY) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,111,520 shares of the industrial products company’s stock, valued at approximately $71,882,000. Berry Global Group comprises 1.7% of Magnetar Financial LLC’s portfolio, making the stock its 12th largest holding.

Several other hedge funds have also recently bought and sold shares of BERY. Greenleaf Trust raised its position in shares of Berry Global Group by 3.5% in the fourth quarter. Greenleaf Trust now owns 4,408 shares of the industrial products company’s stock valued at $285,000 after buying an additional 149 shares in the last quarter. CIBC Asset Management Inc raised its position in shares of Berry Global Group by 5.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,534 shares of the industrial products company’s stock valued at $229,000 after buying an additional 170 shares in the last quarter. M&T Bank Corp raised its position in shares of Berry Global Group by 3.1% in the third quarter. M&T Bank Corp now owns 5,832 shares of the industrial products company’s stock valued at $396,000 after buying an additional 173 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of Berry Global Group by 2.5% in the fourth quarter. Commonwealth Equity Services LLC now owns 10,033 shares of the industrial products company’s stock valued at $649,000 after buying an additional 241 shares in the last quarter. Finally, UMB Bank n.a. raised its position in shares of Berry Global Group by 89.0% in the fourth quarter. UMB Bank n.a. now owns 650 shares of the industrial products company’s stock valued at $42,000 after buying an additional 306 shares in the last quarter. 95.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on BERY. StockNews.com began coverage on Berry Global Group in a research note on Monday. They set a “buy” rating for the company. Truist Financial increased their price target on Berry Global Group from $74.00 to $76.00 and gave the company a “hold” rating in a research note on Monday, February 10th. Barclays increased their price target on Berry Global Group from $64.00 to $75.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 27th. Royal Bank of Canada increased their price objective on Berry Global Group from $69.00 to $73.00 and gave the company a “sector perform” rating in a report on Thursday, November 21st. Finally, Citigroup restated a “neutral” rating and issued a $76.00 price objective on shares of Berry Global Group in a report on Monday, November 25th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Berry Global Group presently has an average rating of “Hold” and a consensus price target of $74.56.

Berry Global Group Stock Performance

Shares of Berry Global Group stock opened at $70.65 on Thursday. The company has a current ratio of 1.61, a quick ratio of 1.09 and a debt-to-equity ratio of 3.35. The business has a 50-day moving average price of $69.85 and a two-hundred day moving average price of $68.53. Berry Global Group, Inc. has a 1-year low of $55.24 and a 1-year high of $74.24. The company has a market cap of $8.18 billion, a P/E ratio of 17.62, a PEG ratio of 1.54 and a beta of 1.13.

Berry Global Group (NYSE:BERY) last issued its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. Berry Global Group had a return on equity of 28.26% and a net margin of 3.99%. The firm had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the business posted $1.22 EPS. The business’s revenue was up 2.2% compared to the same quarter last year. As a group, analysts anticipate that Berry Global Group, Inc. will post 6.25 EPS for the current year.

Berry Global Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a dividend of $0.31 per share. The ex-dividend date was Monday, March 3rd. This represents a $1.24 dividend on an annualized basis and a yield of 1.76%. Berry Global Group’s payout ratio is currently 30.92%.

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.