Berry Global Group (NYSE:BERY) Hits New 52-Week High – Here’s Why

Berry Global Group, Inc. (NYSE:BERY)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $73.75 and last traded at $71.76, with a volume of 3685095 shares. The stock had previously closed at $72.17.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Citigroup reiterated a “neutral” rating and issued a $76.00 price objective on shares of Berry Global Group in a research note on Monday, November 25th. UBS Group raised their target price on shares of Berry Global Group from $72.00 to $73.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Royal Bank of Canada raised their target price 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, November 21st. Truist Financial raised their target price on shares of Berry Global Group from $74.00 to $76.00 and gave the stock a “hold” rating in a research note on Monday, February 10th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $76.00 target price (up previously from $70.00) on shares of Berry Global Group in a research note on Monday, November 25th. Seven investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Berry Global Group has an average rating of “Hold” and an average price target of $74.56.

Berry Global Group Stock Performance

The stock has a market cap of $8.28 billion, a P/E ratio of 17.83, a PEG ratio of 1.54 and a beta of 1.15. The company has a debt-to-equity ratio of 3.35, a current ratio of 1.61 and a quick ratio of 1.09. The firm’s 50-day moving average price is $68.49 and its 200-day moving average price is $68.19.

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

Berry Global Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given 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 is Monday, March 3rd. Berry Global Group’s payout ratio is currently 30.92%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BERY. Balyasny Asset Management L.P. purchased a new position in shares of Berry Global Group in the fourth quarter valued at $105,092,000. Norges Bank purchased a new position in shares of Berry Global Group in the fourth quarter valued at $91,526,000. Magnetar Financial LLC purchased a new position in shares of Berry Global Group in the fourth quarter valued at $71,882,000. FMR LLC boosted its stake in Berry Global Group by 38.4% during the third quarter. FMR LLC now owns 3,807,317 shares of the industrial products company’s stock worth $258,821,000 after buying an additional 1,055,756 shares during the period. Finally, AQR Arbitrage LLC purchased a new position in Berry Global Group during the fourth quarter worth $53,950,000. 95.36% of the stock is owned by hedge funds and other institutional investors.

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.