Berry Global Group, Inc. (NYSE:BERY) Sees Large Growth in Short Interest

Berry Global Group, Inc. (NYSE:BERY) was the recipient of a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 7,450,000 shares, a growth of 75.3% from the February 28th total of 4,250,000 shares. Currently, 6.5% of the shares of the company are short sold. Based on an average daily trading volume, of 1,640,000 shares, the short-interest ratio is presently 4.5 days.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Greenleaf Trust raised its position in Berry Global Group by 3.5% in the fourth quarter. Greenleaf Trust now owns 4,408 shares of the industrial products company’s stock valued at $285,000 after purchasing an additional 149 shares during the last quarter. Quadrant Capital Group LLC raised its holdings in Berry Global Group by 28.8% in the 4th quarter. Quadrant Capital Group LLC now owns 738 shares of the industrial products company’s stock valued at $48,000 after buying an additional 165 shares during the last quarter. CIBC Asset Management Inc boosted its position in Berry Global Group by 5.1% during the 4th quarter. CIBC Asset Management Inc now owns 3,534 shares of the industrial products company’s stock worth $229,000 after buying an additional 170 shares during the period. M&T Bank Corp grew its holdings in Berry Global Group by 3.1% during the 3rd quarter. M&T Bank Corp now owns 5,832 shares of the industrial products company’s stock worth $396,000 after acquiring an additional 173 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its position in Berry Global Group by 2.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 10,033 shares of the industrial products company’s stock valued at $649,000 after acquiring an additional 241 shares during the period. 95.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. StockNews.com began coverage on shares of Berry Global Group in a research report on Tuesday. They issued a “buy” rating for the company. UBS Group raised their target price on shares of Berry Global Group from $72.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Finally, Truist Financial boosted their price target on Berry Global Group from $74.00 to $76.00 and gave the company a “hold” rating in a research note on Monday, February 10th. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Berry Global Group has an average rating of “Hold” and an average price target of $74.56.

Berry Global Group Price Performance

Shares of Berry Global Group stock traded down $0.53 during trading on Friday, reaching $69.46. 1,366,745 shares of the company’s stock were exchanged, compared to its average volume of 1,232,939. The company has a debt-to-equity ratio of 3.35, a quick ratio of 1.09 and a current ratio of 1.61. Berry Global Group has a 1-year low of $55.24 and a 1-year high of $74.24. The company has a market cap of $8.04 billion, a P/E ratio of 17.32, a PEG ratio of 1.54 and a beta of 1.13. The firm’s 50-day moving average price is $70.20 and its 200 day moving average price is $68.62.

Berry Global Group (NYSE:BERY) last posted its earnings results on Tuesday, February 4th. The industrial products company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Berry Global Group had a net margin of 3.99% and a return on equity of 28.26%. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.22 earnings per share. As a group, research analysts anticipate that Berry Global Group will post 6.25 earnings per share for the current year.

Berry Global Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were paid a dividend of $0.31 per share. The ex-dividend date was Monday, March 3rd. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.79%. Berry Global Group’s payout ratio is presently 30.92%.

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.