Berry Global Group (NYSE:BERY) Sees Large Volume Increase on Better-Than-Expected Earnings

Berry Global Group, Inc. (NYSE:BERY) shares saw an uptick in trading volume on Wednesday after the company announced better than expected quarterly earnings. 2,359,400 shares changed hands during trading, an increase of 80% from the previous session’s volume of 1,308,676 shares.The stock last traded at $71.67 and had previously closed at $70.50.

The industrial products company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.35 billion. Berry Global Group had a net margin of 4.21% and a return on equity of 26.32%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.22 EPS.

Berry Global Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a dividend of $0.31 per share. The ex-dividend date is Monday, March 3rd. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.74%. Berry Global Group’s dividend payout ratio is 28.25%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BERY. Barclays increased their price target on shares of Berry Global Group from $64.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 27th. Royal Bank of Canada lifted their target price on shares of 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. UBS Group cut their price target on shares of Berry Global Group from $75.00 to $72.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. StockNews.com assumed coverage on Berry Global Group in a report on Wednesday. They issued a “buy” rating on the stock. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $76.00 price target (up from $70.00) on shares of Berry Global Group in a research report on Monday, November 25th. Nine analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $73.30.

Hedge Funds Weigh In On Berry Global Group

A number of hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in shares of Berry Global Group by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,982,517 shares of the industrial products company’s stock worth $134,806,000 after purchasing an additional 27,437 shares in the last quarter. Sound Income Strategies LLC boosted its position in shares of Berry Global Group by 13.4% during the fourth quarter. Sound Income Strategies LLC now owns 72,914 shares of the industrial products company’s stock valued at $4,715,000 after buying an additional 8,622 shares during the last quarter. Hancock Whitney Corp bought a new stake in Berry Global Group in the 3rd quarter worth about $1,065,000. Integrated Investment Consultants LLC purchased a new position in Berry Global Group in the 3rd quarter worth about $714,000. Finally, Allspring Global Investments Holdings LLC raised its position in Berry Global Group by 4.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 835,334 shares of the industrial products company’s stock worth $56,786,000 after buying an additional 37,242 shares during the last quarter. 95.36% of the stock is currently owned by hedge funds and other institutional investors.

Berry Global Group Stock Up 1.2 %

The company’s 50 day simple moving average is $67.46 and its 200-day simple moving average is $67.20. The company has a current ratio of 1.25, a quick ratio of 0.80 and a debt-to-equity ratio of 2.08. The firm has a market cap of $8.26 billion, a P/E ratio of 16.26, a PEG ratio of 1.45 and a beta of 1.15.

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.