Short Interest in Berry Global Group, Inc. (NYSE:BERY) Drops By 9.0%

Berry Global Group, Inc. (NYSE:BERY) saw a significant decrease in short interest in December. As of December 15th, there was short interest totalling 3,560,000 shares, a decrease of 9.0% from the November 30th total of 3,910,000 shares. Based on an average trading volume of 1,400,000 shares, the short-interest ratio is presently 2.5 days. Currently, 3.1% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

BERY has been the topic of a number of recent analyst reports. Citigroup restated a “neutral” rating and issued a $76.00 price target on shares of Berry Global Group in a research report on Monday, November 25th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $76.00 price objective (up previously from $70.00) on shares of Berry Global Group in a research note on Monday, November 25th. Royal Bank of Canada raised their target price on Berry Global Group from $69.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 21st. Truist Financial reaffirmed a “hold” rating and issued a $72.00 price objective (down from $74.00) on shares of Berry Global Group in a research note on Wednesday, November 20th. Finally, Morgan Stanley began coverage on Berry Global Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 target price for the company. Nine analysts have rated the stock with a hold rating and three have assigned 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 $73.40.

Berry Global Group Trading Up 0.7 %

NYSE BERY traded up $0.47 on Wednesday, hitting $64.67. The company’s stock had a trading volume of 527,425 shares, compared to its average volume of 1,119,036. The company has a current ratio of 1.25, a quick ratio of 0.80 and a debt-to-equity ratio of 2.08. Berry Global Group has a 52-week low of $54.06 and a 52-week high of $73.31. The firm has a market cap of $7.45 billion, a P/E ratio of 14.73, a PEG ratio of 1.38 and a beta of 1.14. The company’s 50-day simple moving average is $68.16 and its 200 day simple moving average is $66.00.

Berry Global Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date was Monday, December 2nd. This is a boost from Berry Global Group’s previous quarterly dividend of $0.28. Berry Global Group’s dividend payout ratio (DPR) is presently 28.25%.

Insider Transactions at Berry Global Group

In other Berry Global Group news, Director Evan Bayh sold 14,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total value of $981,820.00. Following the transaction, the director now directly owns 30,228 shares in the company, valued at $2,119,889.64. The trade was a 31.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 4.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Berry Global Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EdgePoint Investment Group Inc. raised its stake in Berry Global Group by 10.3% during the second quarter. EdgePoint Investment Group Inc. now owns 14,942,921 shares of the industrial products company’s stock valued at $879,391,000 after buying an additional 1,393,955 shares during the last quarter. FMR LLC lifted its holdings in shares of Berry Global Group by 38.4% during the 3rd quarter. FMR LLC now owns 3,807,317 shares of the industrial products company’s stock valued at $258,821,000 after buying an additional 1,055,756 shares during the period. Dimensional Fund Advisors LP boosted its position in Berry Global Group by 30.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,472,624 shares of the industrial products company’s stock worth $204,365,000 after purchasing an additional 807,211 shares during the last quarter. Eminence Capital LP grew its stake in shares of Berry Global Group by 22.2% during the 2nd quarter. Eminence Capital LP now owns 2,714,539 shares of the industrial products company’s stock valued at $159,751,000 after purchasing an additional 492,793 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of Berry Global Group during the 2nd quarter valued at about $25,688,000. 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.