Berry Global Group (NYSE:BERY) Downgraded by StockNews.com

StockNews.com downgraded shares of Berry Global Group (NYSE:BERY) from a buy rating to a hold rating in a research report sent to investors on Tuesday.

A number of other research firms have also recently weighed in on BERY. Robert W. Baird reaffirmed a neutral rating and issued a $65.00 price target (down previously from $68.00) on shares of Berry Global Group in a report on Tuesday, April 16th. Truist Financial restated a hold rating and issued a $68.00 price target (down from $75.00) on shares of Berry Global Group in a research report on Wednesday, March 27th. Royal Bank of Canada restated a sector perform rating and issued a $62.00 price target (down from $72.00) on shares of Berry Global Group in a research report on Friday, March 15th. Finally, Bank of America increased their price objective on Berry Global Group from $74.00 to $81.00 and gave the stock a buy rating in a research report on Friday, May 10th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Berry Global Group currently has a consensus rating of Hold and a consensus price target of $72.60.

Berry Global Group Price Performance

NYSE:BERY opened at $61.19 on Tuesday. The firm has a market cap of $7.00 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 1.24 and a beta of 1.16. The firm’s fifty day moving average is $59.79 and its two-hundred day moving average is $60.74. The company has a debt-to-equity ratio of 2.64, a quick ratio of 1.01 and a current ratio of 1.74. Berry Global Group has a one year low of $53.92 and a one year high of $69.93.

Berry Global Group (NYSE:BERY) last issued its quarterly earnings data on Thursday, May 9th. The industrial products company reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.05. The business had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Berry Global Group had a return on equity of 26.55% and a net margin of 4.12%. The company’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.96 EPS. Research analysts expect that Berry Global Group will post 7.43 EPS for the current year.

Berry Global Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date was Monday, June 3rd. Berry Global Group’s dividend payout ratio (DPR) is 26.13%.

Insider Activity

In related news, Director Peter T. Thomas acquired 1,000 shares of Berry Global Group stock in a transaction dated 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 purchase, the director now owns 4,407 shares in the company, valued at $262,216.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Mark W. Miles sold 1,118 shares of the firm’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 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 filing with the SEC, which is accessible through this link. Also, Director Peter T. Thomas acquired 1,000 shares of Berry Global Group stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average price of $59.50 per share, with a total value of $59,500.00. Following the transaction, the director now owns 4,407 shares of the company’s stock, valued at $262,216.50. The disclosure for this purchase can be found here. Insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On Berry Global Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC purchased a new stake in Berry Global Group in the 4th quarter worth approximately $31,000. LRI Investments LLC acquired a new position in shares of Berry Global Group during the 1st quarter valued at $38,000. Blue Trust Inc. lifted its holdings in shares of Berry Global Group by 203.7% during the 4th quarter. Blue Trust Inc. now owns 650 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 436 shares in the last quarter. Quarry LP lifted its holdings in shares of Berry Global Group by 433.1% during the 4th quarter. Quarry LP now owns 757 shares of the industrial products company’s stock valued at $51,000 after acquiring an additional 615 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new position in Berry Global Group in the 1st quarter worth $100,000. 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.