Berry Global Group (NYSE:BERY) Announces Earnings Results

Berry Global Group (NYSE:BERYGet 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.

Further Reading

Earnings History for Berry Global Group (NYSE:BERY)

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