JPMorgan Chase & Co. Reaffirms “Overweight” Rating for Berry Global Group (NYSE:BERY)

Berry Global Group (NYSE:BERY)‘s stock had its “overweight” rating restated by equities research analysts at JPMorgan Chase & Co. in a note issued to investors on Monday,Benzinga reports. They presently have a $76.00 price objective on the industrial products company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 5.98% from the stock’s current price.

Several other equities analysts also recently commented on the company. Royal Bank of Canada boosted their price objective on Berry Global Group from $69.00 to $73.00 and gave the company a “sector perform” rating in a research report on Thursday. StockNews.com raised Berry Global Group from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. Citigroup reissued a “neutral” rating and set a $76.00 price objective on shares of Berry Global Group in a research note on Monday. Morgan Stanley started coverage on Berry Global Group in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 price objective on the stock. Finally, UBS Group cut Berry Global Group from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $82.00 to $75.00 in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $72.73.

Berry Global Group Price Performance

Shares of Berry Global Group stock opened at $71.71 on Monday. The stock’s 50-day simple moving average is $68.22 and its 200-day simple moving average is $64.44. Berry Global Group has a 52 week low of $54.06 and a 52 week high of $72.50. The company has a market capitalization of $8.22 billion, a price-to-earnings ratio of 16.33, a PEG ratio of 1.40 and a beta of 1.14. The company has a quick ratio of 0.26, a current ratio of 0.41 and a debt-to-equity ratio of 2.57.

Insider Buying and Selling at Berry Global Group

In other news, Director Evan Bayh sold 14,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total transaction of $981,820.00. Following the sale, the director now directly owns 30,228 shares of the company’s stock, valued at $2,119,889.64. This represents a 31.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 4.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Berry Global Group

Hedge funds have recently modified their holdings of the company. Virtu Financial LLC purchased a new stake in shares of Berry Global Group during the 1st quarter worth about $691,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Berry Global Group by 4.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 835,334 shares of the industrial products company’s stock worth $56,786,000 after acquiring an additional 37,242 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its stake in Berry Global Group by 370.0% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 114,868 shares of the industrial products company’s stock valued at $6,760,000 after buying an additional 90,428 shares in the last quarter. Integrated Investment Consultants LLC purchased a new position in Berry Global Group in the 3rd quarter valued at about $714,000. Finally, Savant Capital LLC purchased a new position in Berry Global Group in the 2nd quarter valued at about $573,000. 95.36% of the stock is owned by hedge funds and other institutional investors.

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.