Berry Global Group (NYSE:BERY) Announces Earnings Results

Berry Global Group (NYSE:BERY – Get Rating) posted its quarterly earnings results on Thursday. The industrial products company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.14, MarketWatch Earnings reports. Berry Global Group had a return on equity of 28.70% and a net margin of 5.07%. The company had revenue of $3.78 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same period last year, the firm earned $1.59 earnings per share. Berry Global Group’s quarterly revenue was up 12.0% on a year-over-year basis. Berry Global Group updated its FY22 guidance to $7.20-7.70 EPS.

Shares of NYSE BERY traded up $1.45 during midday trading on Friday, reaching $59.27. 1,416,912 shares of the company were exchanged, compared to its average volume of 653,376. The company has a current ratio of 1.76, a quick ratio of 0.99 and a debt-to-equity ratio of 2.86. Berry Global Group has a 1 year low of $52.54 and a 1 year high of $74.73. The stock has a fifty day simple moving average of $57.80 and a 200 day simple moving average of $64.49. The stock has a market cap of $8.02 billion, a P/E ratio of 10.96, a PEG ratio of 0.83 and a beta of 1.26.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management purchased a new position in shares of Berry Global Group during the fourth quarter worth about $71,000. Metropolitan Life Insurance Co NY acquired a new stake in Berry Global Group in the fourth quarter valued at about $199,000. Camden Capital LLC acquired a new stake in Berry Global Group in the fourth quarter valued at about $203,000. Forum Financial Management LP acquired a new stake in Berry Global Group in the fourth quarter valued at about $211,000. Finally, Canada Pension Plan Investment Board lifted its position in Berry Global Group by 43.7% in the fourth quarter. Canada Pension Plan Investment Board now owns 5,740 shares of the industrial products company’s stock valued at $423,000 after purchasing an additional 1,745 shares during the period. 95.74% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms have weighed in on BERY. Citigroup cut their price target on Berry Global Group from $90.00 to $87.00 in a research note on Friday, April 8th. Zacks Investment Research cut Berry Global Group from a “buy” rating to a “hold” rating and set a $71.00 price target on the stock. in a research note on Tuesday, February 1st. Deutsche Bank Aktiengesellschaft cut their price target on Berry Global Group from $78.00 to $71.00 and set a “buy” rating on the stock in a research note on Monday, April 18th. StockNews.com started coverage on Berry Global Group in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Truist Financial dropped their price objective on Berry Global Group from $88.00 to $77.00 in a report on Friday. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Berry Global Group currently has an average rating of “Buy” and a consensus price target of $77.36.

Berry Global Group Company Profile (Get Rating)

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments. The Consumer Packaging International segment offers closures and dispensing systems, pharmaceutical devices and packaging, bottles and canisters, containers, and technical components.

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