Berry Global Group (NYSE:BERY) Research Coverage Started at StockNews.com

Posted by Defense World Staff on May 18th, 2023

Equities researchers at StockNews.com initiated coverage on shares of Berry Global Group (NYSE:BERY – Get Rating) in a report released on Thursday. The firm set a “buy” rating on the industrial products company’s stock.

Several other research firms have also recently issued reports on BERY. Citigroup raised their price objective on shares of Berry Global Group from $75.00 to $81.00 and gave the stock a “buy” rating in a research report on Sunday, February 5th. Wells Fargo & Company raised their price objective on shares of Berry Global Group from $68.00 to $75.00 in a research report on Monday, February 6th. UBS Group lowered their target price on shares of Berry Global Group from $75.00 to $73.00 in a research note on Monday, May 8th. Royal Bank of Canada increased their target price on shares of Berry Global Group from $70.00 to $74.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 7th. Finally, Barclays increased their target price on shares of Berry Global Group from $60.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, February 6th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $71.67.

Berry Global Group Price Performance

Shares of NYSE BERY opened at $58.67 on Thursday. The firm has a 50-day simple moving average of $57.46 and a 200-day simple moving average of $58.47. The stock has a market capitalization of $6.99 billion, a price-to-earnings ratio of 10.29, a price-to-earnings-growth ratio of 0.77 and a beta of 1.16. The company has a quick ratio of 1.15, a current ratio of 1.95 and a debt-to-equity ratio of 2.82. Berry Global Group has a 52 week low of $44.52 and a 52 week high of $66.21.

Berry Global Group (NYSE:BERY – Get Rating) last issued its earnings results on Thursday, May 4th. The industrial products company reported $1.96 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.11. The business had revenue of $3.29 billion during the quarter, compared to analysts’ expectations of $3.47 billion. Berry Global Group had a net margin of 5.34% and a return on equity of 29.37%. The company’s quarterly revenue was down 12.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.93 earnings per share. On average, equities analysts predict that Berry Global Group will post 7.43 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Mark W. Miles sold 37,942 shares of Berry Global Group stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $61.27, for a total value of $2,324,706.34. Following the completion of the transaction, the chief financial officer now owns 47,058 shares in the company, valued at $2,883,243.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its position in shares of Berry Global Group by 9.1% during the 3rd quarter. Janney Montgomery Scott LLC now owns 19,389 shares of the industrial products company’s stock worth $902,000 after purchasing an additional 1,615 shares in the last quarter. Natixis Advisors L.P. boosted its position in shares of Berry Global Group by 5.7% during the 4th quarter. Natixis Advisors L.P. now owns 62,857 shares of the industrial products company’s stock worth $3,798,000 after purchasing an additional 3,374 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Berry Global Group by 74.1% during the 3rd quarter. Teacher Retirement System of Texas now owns 37,580 shares of the industrial products company’s stock worth $1,749,000 after purchasing an additional 15,997 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Berry Global Group by 68.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 18,076 shares of the industrial products company’s stock worth $840,000 after purchasing an additional 7,329 shares in the last quarter. Finally, Khrom Capital Management LLC boosted its position in shares of Berry Global Group by 57.8% during the 3rd quarter. Khrom Capital Management LLC now owns 405,613 shares of the industrial products company’s stock worth $18,873,000 after purchasing an additional 148,536 shares in the last quarter. Hedge funds and other institutional investors own 94.02% of the company’s stock.

Berry Global Group Company Profile

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Berry Global Group, Inc engages in the provision of innovative rigid, flexible, and non-woven products. It operates through the following segments: Consumer Packaging International, Consumer Packaging North America, Engineered Materials, and Health, Hygiene and Specialties. The Consumer Packaging International segment consists of rigid products that primarily service non-North American markets.