Berry Global Group (NYSE:BERY) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Berry Global Group (NYSE:BERY) from a buy rating to a hold rating in a report issued on Wednesday.

BERY has been the subject of a number of other reports. Bank of America increased their price target on Berry Global Group from $74.00 to $81.00 and gave the company a buy rating in a research report on Friday, May 10th. UBS Group reduced their price objective on Berry Global Group from $89.00 to $77.00 and set a buy rating for the company in a research note on Wednesday, July 17th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $71.40.

Berry Global Group Price Performance

Shares of NYSE:BERY opened at $67.24 on Wednesday. The company has a current ratio of 1.74, a quick ratio of 1.01 and a debt-to-equity ratio of 2.64. The stock has a market cap of $7.69 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 1.33 and a beta of 1.17. The stock’s fifty day simple moving average is $62.36 and its two-hundred day simple moving average is $60.21. Berry Global Group has a 1-year low of $53.92 and a 1-year high of $69.93.

Berry Global Group (NYSE:BERY) last released its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.18 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $3.26 billion. During the same period last year, the firm earned $1.90 earnings per share. The firm’s revenue was down 2.1% on a year-over-year basis. As a group, analysts forecast that Berry Global Group will post 7.44 EPS for the current fiscal year.

Berry Global Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Tuesday, September 3rd. Berry Global Group’s dividend payout ratio is currently 26.13%.

Hedge Funds Weigh In On Berry Global Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. M&T Bank Corp grew its position in shares of Berry Global Group by 2.0% in the fourth quarter. M&T Bank Corp now owns 8,854 shares of the industrial products company’s stock valued at $597,000 after purchasing an additional 173 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in Berry Global Group by 1.9% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 9,424 shares of the industrial products company’s stock worth $555,000 after purchasing an additional 176 shares during the period. Louisiana State Employees Retirement System grew its holdings in Berry Global Group by 0.6% during the 1st quarter. Louisiana State Employees Retirement System now owns 33,400 shares of the industrial products company’s stock valued at $2,020,000 after buying an additional 200 shares in the last quarter. State of Michigan Retirement System increased its position in shares of 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 buying an additional 200 shares during the period. Finally, Guardian Wealth Management Inc. lifted its holdings in shares of Berry Global Group by 1.0% in the second quarter. Guardian Wealth Management Inc. now owns 29,623 shares of the industrial products company’s stock worth $1,743,000 after buying an additional 287 shares in the last quarter. Institutional investors own 95.36% of the company’s stock.

About Berry Global Group

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.