Berry Global Group, Inc. (NYSE:BERY) Sees Large Decline in Short Interest

Berry Global Group, Inc. (NYSE:BERY) was the target of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 4,630,000 shares, a decrease of 8.7% from the July 15th total of 5,070,000 shares. Currently, 4.1% of the company’s stock are sold short. Based on an average trading volume of 1,060,000 shares, the days-to-cover ratio is currently 4.4 days.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BERY shares. Bank of America lifted their target price on Berry Global Group from $74.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, May 10th. StockNews.com raised Berry Global Group from a “hold” rating to a “buy” rating in a report on Monday, August 12th. Finally, UBS Group cut their price objective on Berry Global Group from $89.00 to $77.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $71.40.

Berry Global Group Stock Up 0.1 %

Shares of BERY traded up $0.05 during trading on Friday, reaching $64.88. The company’s stock had a trading volume of 733,039 shares, compared to its average volume of 1,077,869. Berry Global Group has a twelve month low of $53.92 and a twelve month high of $69.93. The company has a quick ratio of 1.01, a current ratio of 1.74 and a debt-to-equity ratio of 2.64. The company has a market cap of $7.42 billion, a price-to-earnings ratio of 15.41, a P/E/G ratio of 1.33 and a beta of 1.17. The company has a fifty day moving average of $61.73 and a two-hundred day moving average of $60.16.

Berry Global Group (NYSE:BERY) last released its earnings results on Friday, August 2nd. The industrial products company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.16. Berry Global Group had a net margin of 4.12% and a return on equity of 26.55%. The company 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% on a year-over-year basis. On average, sell-side analysts predict that Berry Global Group will post 7.44 EPS for the current fiscal year.

Berry Global Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be paid 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 1.70%. Berry Global Group’s payout ratio is 26.13%.

Insider Transactions at Berry Global Group

In other news, Director Peter T. Thomas bought 1,000 shares of Berry Global Group stock in a transaction that occurred on Thursday, May 23rd. The shares were purchased at an average price of $59.50 per share, with a total value of $59,500.00. Following the completion of the acquisition, the director now directly owns 4,407 shares in the company, valued at $262,216.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. FORA Capital LLC acquired a new position in Berry Global Group during the 1st quarter valued at approximately $1,492,000. Thompson Investment Management Inc. grew its position in shares of Berry Global Group by 74.0% during the first quarter. Thompson Investment Management Inc. now owns 109,047 shares of the industrial products company’s stock worth $6,595,000 after acquiring an additional 46,379 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Berry Global Group by 8.3% in the 1st quarter. Sei Investments Co. now owns 161,605 shares of the industrial products company’s stock worth $9,774,000 after acquiring an additional 12,385 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Berry Global Group by 11.3% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 131,860 shares of the industrial products company’s stock valued at $7,767,000 after purchasing an additional 13,398 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Berry Global Group by 33.8% during the 1st quarter. Russell Investments Group Ltd. now owns 37,552 shares of the industrial products company’s stock valued at $2,271,000 after purchasing an additional 9,483 shares during the period. 95.36% of the stock is owned by institutional investors and hedge funds.

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.