State of Michigan Retirement System Buys 200 Shares of Berry Global Group, Inc. (NYSE:BERY)

State of Michigan Retirement System increased its stake in Berry Global Group, Inc. (NYSE:BERY) by 0.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 28,500 shares of the industrial products company’s stock after purchasing an additional 200 shares during the period. State of Michigan Retirement System’s holdings in Berry Global Group were worth $1,724,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of BERY. GAMMA Investing LLC bought a new position in shares of Berry Global Group in the fourth quarter worth $31,000. Blue Trust Inc. grew its position in Berry Global Group by 203.7% in the fourth 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 during the last quarter. Quarry LP grew its position in Berry Global Group by 433.1% in the fourth quarter. Quarry LP now owns 757 shares of the industrial products company’s stock valued at $51,000 after acquiring an additional 615 shares during the last quarter. CWM LLC grew its position in Berry Global Group by 200.0% in the fourth quarter. CWM LLC now owns 1,575 shares of the industrial products company’s stock valued at $106,000 after acquiring an additional 1,050 shares during the last quarter. Finally, First Hawaiian Bank grew its position in Berry Global Group by 11.2% in the first quarter. First Hawaiian Bank now owns 3,725 shares of the industrial products company’s stock valued at $225,000 after acquiring an additional 376 shares during the last quarter. Institutional investors own 95.36% of the company’s stock.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of research firms have issued reports on BERY. StockNews.com upgraded Berry Global Group from a “hold” rating to a “buy” rating in a research report on Tuesday, June 25th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $62.00 target price (down from $72.00) on shares of Berry Global Group in a report on Friday, March 15th. Bank of America upped their target price on Berry Global Group from $74.00 to $81.00 and gave the company a “buy” rating in a report on Friday, May 10th. Robert W. Baird reiterated a “neutral” rating and issued a $65.00 target price (down from $68.00) on shares of Berry Global Group in a report on Tuesday, April 16th. Finally, Truist Financial reiterated a “hold” rating and issued a $68.00 target price (down from $75.00) on shares of Berry Global Group in a report on Wednesday, March 27th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Berry Global Group presently has an average rating of “Moderate Buy” and an average price target of $72.60.

Berry Global Group Price Performance

Shares of BERY opened at $59.10 on Friday. Berry Global Group, Inc. has a 12-month low of $53.92 and a 12-month high of $69.93. The business’s fifty day moving average is $59.62 and its 200 day moving average is $61.05. The company has a quick ratio of 1.01, a current ratio of 1.74 and a debt-to-equity ratio of 2.64. The stock has a market cap of $6.76 billion, a P/E ratio of 14.04, a P/E/G ratio of 1.22 and a beta of 1.16.

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 analysts’ consensus estimates of $1.90 by $0.05. Berry Global Group had a return on equity of 26.55% and a net margin of 4.12%. The company had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period last year, the business earned $1.96 EPS. Berry Global Group’s quarterly revenue was down 6.4% compared to the same quarter last year. Sell-side analysts anticipate that Berry Global Group, Inc. will post 7.43 earnings per share for the current fiscal year.

Berry Global Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date of this dividend was Monday, June 3rd. Berry Global Group’s dividend payout ratio is currently 26.13%.

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.