Capstone Investment Advisors LLC Reduces Stock Position in Berry Global Group, Inc. (NYSE:BERY)

Capstone Investment Advisors LLC reduced its stake in Berry Global Group, Inc. (NYSE:BERYFree Report) by 10.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,104 shares of the industrial products company’s stock after selling 592 shares during the period. Capstone Investment Advisors LLC’s holdings in Berry Global Group were worth $309,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in BERY. M&T Bank Corp boosted its stake in Berry Global Group by 2.0% in the 4th quarter. M&T Bank Corp now owns 8,854 shares of the industrial products company’s stock worth $597,000 after purchasing an additional 173 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of Berry Global Group by 0.6% in the first quarter. Louisiana State Employees Retirement System now owns 33,400 shares of the industrial products company’s stock valued at $2,020,000 after acquiring an additional 200 shares during the period. State of Michigan Retirement System grew its stake in Berry Global Group by 0.7% during the first quarter. State of Michigan Retirement System now owns 28,500 shares of the industrial products company’s stock valued at $1,724,000 after acquiring an additional 200 shares in the last quarter. First Hawaiian Bank increased its holdings in Berry Global Group by 11.2% during the 1st quarter. First Hawaiian Bank now owns 3,725 shares of the industrial products company’s stock worth $225,000 after acquiring an additional 376 shares during the period. Finally, AGF Management Ltd. lifted its stake in Berry Global Group by 2.6% in the 4th quarter. AGF Management Ltd. now owns 16,042 shares of the industrial products company’s stock worth $1,081,000 after purchasing an additional 404 shares in the last quarter. 95.36% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Mark W. Miles sold 1,118 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $60.29, for a total transaction of $67,404.22. Following the completion of the sale, the chief financial officer now directly owns 119,384 shares in the company, valued at $7,197,661.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Peter T. Thomas acquired 1,000 shares of Berry Global Group stock in a transaction on Thursday, May 23rd. The shares were acquired at an average cost of $59.50 per share, with a total value of $59,500.00. Following the transaction, the director now owns 4,407 shares in the company, valued at $262,216.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mark W. Miles sold 1,118 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $60.29, for a total transaction of $67,404.22. Following the completion of the sale, the chief financial officer now directly owns 119,384 shares of the company’s stock, valued at $7,197,661.36. The disclosure for this sale can be found here. Insiders own 4.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. StockNews.com lowered shares of Berry Global Group from a “buy” rating to a “hold” rating in a research report on Tuesday. Robert W. Baird restated a “neutral” rating and set a $65.00 target price (down from $68.00) on shares of Berry Global Group in a research report on Tuesday, April 16th. Truist Financial reaffirmed a “hold” rating and issued a $68.00 price target (down previously from $75.00) on shares of Berry Global Group in a report on Wednesday, March 27th. Royal Bank of Canada reissued a “sector perform” rating and set a $62.00 price objective (down previously from $72.00) on shares of Berry Global Group in a report on Friday, March 15th. Finally, Bank of America raised their target price on shares of Berry Global Group from $74.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $72.60.

Read Our Latest Stock Analysis on Berry Global Group

Berry Global Group Stock Performance

Berry Global Group stock opened at $58.14 on Wednesday. The firm has a fifty day simple moving average of $59.71 and a two-hundred day simple moving average of $60.75. The company has a quick ratio of 1.01, a current ratio of 1.74 and a debt-to-equity ratio of 2.64. Berry Global Group, Inc. has a twelve month low of $53.92 and a twelve month high of $69.93. The company has a market capitalization of $6.65 billion, a PE ratio of 13.81, a P/E/G ratio of 1.21 and a beta of 1.16.

Berry Global Group (NYSE:BERYGet Free Report) last released its quarterly earnings data on Thursday, May 9th. The industrial products company reported $1.95 EPS for the quarter, topping the consensus estimate of $1.90 by $0.05. Berry Global Group had a return on equity of 26.55% and a net margin of 4.12%. The firm had revenue of $3.08 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the previous year, the business earned $1.96 earnings per share. The company’s quarterly revenue was down 6.4% on a year-over-year basis. Research analysts expect that Berry Global Group, Inc. will post 7.43 EPS for the current year.

Berry Global Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were given a dividend of $0.275 per share. The ex-dividend date was Monday, June 3rd. This represents a $1.10 annualized dividend and a yield of 1.89%. Berry Global Group’s payout ratio is currently 26.13%.

About Berry Global Group

(Free Report)

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.

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Institutional Ownership by Quarter for Berry Global Group (NYSE:BERY)

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