Berry Global Group (NYSE:BERY) Issues Earnings Results

Berry Global Group (NYSE:BERY) issued its quarterly earnings data on Friday. The industrial products company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.16, Briefing.com reports. Berry Global Group had a net margin of 4.12% and a return on equity of 26.55%. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the previous year, the firm earned $1.90 EPS. The company’s revenue was down 2.1% compared to the same quarter last year. Berry Global Group updated its FY24 guidance to $7.60 EPS and its FY 2024 guidance to 7.600-7.600 EPS.

Berry Global Group Stock Performance

NYSE:BERY traded down $2.73 during mid-day trading on Friday, reaching $62.92. The stock had a trading volume of 2,342,215 shares, compared to its average volume of 857,645. Berry Global Group has a twelve month low of $53.92 and a twelve month high of $69.93. The business has a 50 day simple moving average of $61.02 and a 200 day simple moving average of $60.43. The firm has a market capitalization of $7.20 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 1.33 and a beta of 1.17. The company has a debt-to-equity ratio of 2.64, a quick ratio of 1.01 and a current ratio of 1.74.

Berry Global Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.275 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $1.10 annualized dividend and a yield of 1.75%. Berry Global Group’s dividend payout ratio is currently 26.13%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BERY. Robert W. Baird reaffirmed a “neutral” rating and set a $65.00 price objective (down previously from $68.00) on shares of Berry Global Group in a report on Tuesday, April 16th. UBS Group dropped their price target on Berry Global Group from $89.00 to $77.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. StockNews.com upgraded Berry Global Group from a “hold” rating to a “buy” rating in a research note on Saturday, July 27th. Finally, Bank of America raised their target price on shares of Berry Global Group from $74.00 to $81.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.40.

Insiders Place Their Bets

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

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.