Berry Global Group (NYSE:BERY) Lifted 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 research report report published on Tuesday morning.

A number of other equities research analysts have also recently commented on BERY. Barclays dropped their price objective on shares of Berry Global Group from $67.00 to $64.00 and set an equal weight rating on the stock in a research note on Monday, February 12th. TheStreet cut Berry Global Group from a b- rating to a c+ rating in a research report on Monday, February 26th. Robert W. Baird reiterated a neutral rating and set a $65.00 target price (down previously from $68.00) on shares of Berry Global Group in a research report on Tuesday, April 16th. Royal Bank of Canada reissued a sector perform rating and issued a $62.00 price target (down previously from $72.00) on shares of Berry Global Group in a report on Friday, March 15th. Finally, Mizuho decreased their price objective on shares of Berry Global Group from $74.00 to $65.00 and set a neutral rating on the stock in a report on Thursday, February 8th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Berry Global Group has an average rating of Moderate Buy and an average target price of $72.60.

Berry Global Group Stock Performance

BERY opened at $58.64 on Tuesday. The company has a current ratio of 1.74, a quick ratio of 1.01 and a debt-to-equity ratio of 2.64. Berry Global Group has a 12-month low of $53.92 and a 12-month high of $69.93. The firm has a 50 day moving average of $58.85 and a two-hundred day moving average of $61.85. The firm has a market capitalization of $6.71 billion, a PE ratio of 13.93, a P/E/G ratio of 1.26 and a beta of 1.24.

Berry Global Group (NYSE:BERY) last issued its earnings results on Thursday, May 9th. The industrial products company reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.90 by $0.05. The firm had revenue of $3.08 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Berry Global Group had a net margin of 4.12% and a return on equity of 26.55%. The firm’s revenue was down 6.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.96 earnings per share. On average, analysts anticipate that Berry Global Group will post 7.42 EPS for the current year.

Berry Global Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Monday, June 3rd. Berry Global Group’s dividend payout ratio (DPR) is presently 26.13%.

Insider Buying and Selling

In related news, Director Peter T. Thomas purchased 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, with a total value of $59,500.00. Following the purchase, the director now owns 4,407 shares of the company’s stock, valued at $262,216.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Peter T. Thomas acquired 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were purchased at an average price of $59.50 per share, for a total transaction of $59,500.00. Following the acquisition, the director now owns 4,407 shares of the company’s stock, valued at $262,216.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark W. Miles sold 1,118 shares of the stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $60.29, for a total value of $67,404.22. Following the transaction, the chief financial officer now directly owns 119,384 shares in the company, valued at approximately $7,197,661.36. The disclosure for this sale can be found here. Corporate insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BERY. Raymond James Financial Services Advisors Inc. raised its stake in Berry Global Group by 10.6% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 8,968 shares of the industrial products company’s stock valued at $555,000 after buying an additional 862 shares in the last quarter. California Public Employees Retirement System boosted its holdings in Berry Global Group by 3.5% in the third quarter. California Public Employees Retirement System now owns 243,529 shares of the industrial products company’s stock valued at $15,077,000 after purchasing an additional 8,181 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Berry Global Group by 0.3% in the third quarter. EverSource Wealth Advisors LLC now owns 78,197 shares of the industrial products company’s stock valued at $4,841,000 after purchasing an additional 222 shares in the last quarter. Victory Capital Management Inc. increased its stake in Berry Global Group by 25.8% in the third quarter. Victory Capital Management Inc. now owns 451,752 shares of the industrial products company’s stock valued at $27,968,000 after purchasing an additional 92,779 shares during the last quarter. Finally, Picton Mahoney Asset Management acquired a new stake in Berry Global Group during the third quarter worth approximately $5,585,000. 95.36% of the stock is currently 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.