Berry Global Group (NYSE:BERY) Downgraded to Hold at StockNews.com

StockNews.com cut shares of Berry Global Group (NYSE:BERY) from a buy rating to a hold rating in a report published on Friday morning.

A number of other equities research analysts have also recently issued reports on the company. UBS Group dropped their price objective on Berry Global Group from $89.00 to $77.00 and set a buy rating on the stock in a research note on Wednesday, July 17th. Morgan Stanley assumed coverage on shares of Berry Global Group in a research report on Wednesday, September 4th. They set an equal weight rating and a $76.00 price target on the stock. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Berry Global Group presently has an average rating of Hold and an average price target of $71.80.

Berry Global Group Stock Performance

Shares of BERY opened at $69.27 on Friday. The stock has a market capitalization of $7.92 billion, a price-to-earnings ratio of 16.45, a PEG ratio of 1.10 and a beta of 1.15. Berry Global Group has a 12 month low of $53.92 and a 12 month high of $69.93. The firm has a fifty day simple moving average of $66.49 and a 200 day simple moving average of $62.30. The company has a current ratio of 1.82, a quick ratio of 1.08 and a debt-to-equity ratio of 2.57.

Berry Global Group (NYSE:BERY) last posted its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.16. The company had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.26 billion. Berry Global Group had a net margin of 4.55% and a return on equity of 27.32%. The company’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.90 EPS. Research analysts forecast that Berry Global Group will post 7.6 EPS for the current fiscal year.

Berry Global Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were issued a $0.275 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.10 annualized dividend and a yield of 1.59%. Berry Global Group’s dividend payout ratio is currently 26.13%.

Institutional Investors Weigh In On Berry Global Group

A number of institutional investors have recently made changes to their positions in the company. EdgePoint Investment Group Inc. grew its stake in shares of Berry Global Group by 16.7% in the first quarter. EdgePoint Investment Group Inc. now owns 13,548,966 shares of the industrial products company’s stock valued at $819,441,000 after acquiring an additional 1,934,137 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Berry Global Group by 10.2% during the 1st quarter. Vanguard Group Inc. now owns 12,931,050 shares of the industrial products company’s stock worth $782,070,000 after purchasing an additional 1,200,021 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Berry Global Group by 30.3% during 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 period. Allspring Global Investments Holdings LLC raised its position in shares of Berry Global Group by 280.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 798,092 shares of the industrial products company’s stock valued at $46,968,000 after buying an additional 588,114 shares in the last quarter. Finally, Eminence Capital LP raised its position in shares of Berry Global Group by 22.2% in the second quarter. Eminence Capital LP now owns 2,714,539 shares of the industrial products company’s stock valued at $159,751,000 after buying an additional 492,793 shares in the last quarter. Institutional investors own 95.36% of the company’s stock.

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.