Verition Fund Management LLC Grows Stake in Berry Global Group, Inc. (NYSE:BERY)

Verition Fund Management LLC grew its stake in shares of Berry Global Group, Inc. (NYSE:BERY) by 1,664.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 104,485 shares of the industrial products company’s stock after acquiring an additional 98,564 shares during the period. Verition Fund Management LLC’s holdings in Berry Global Group were worth $7,103,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Altshuler Shaham Ltd bought a new position in Berry Global Group during the second quarter valued at $27,000. Quest Partners LLC grew its stake in shares of Berry Global Group by 54,800.0% during the 2nd quarter. Quest Partners LLC now owns 549 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 548 shares during the period. LRI Investments LLC increased its holdings in Berry Global Group by 1,309.1% in the 2nd quarter. LRI Investments LLC now owns 620 shares of the industrial products company’s stock worth $36,000 after acquiring an additional 576 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in Berry Global Group during the second quarter valued at about $42,000. Finally, American Capital Advisory LLC purchased a new stake in Berry Global Group during the second quarter valued at about $44,000. Hedge funds and other institutional investors own 95.36% of the company’s stock.

Insider Buying and Selling at Berry Global Group

In other Berry Global Group news, Director Evan Bayh sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $70.13, for a total value of $981,820.00. Following the completion of the sale, the director now owns 30,228 shares of the company’s stock, valued at $2,119,889.64. This represents a 31.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 4.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Morgan Stanley initiated coverage on shares of Berry Global Group in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 price target on the stock. StockNews.com raised Berry Global Group from a “hold” rating to a “buy” rating in a report on Monday, November 25th. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $76.00 price objective (up from $70.00) on shares of Berry Global Group in a research note on Monday, November 25th. UBS Group downgraded Berry Global Group from a “buy” rating to a “neutral” rating and cut their target price for the stock from $82.00 to $75.00 in a research note on Friday, November 22nd. Finally, Citigroup reissued a “neutral” rating and issued a $76.00 price target on shares of Berry Global Group in a report on Monday, November 25th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Berry Global Group has a consensus rating of “Hold” and an average price target of $73.73.

Berry Global Group Price Performance

Shares of NYSE:BERY opened at $72.31 on Monday. The company’s fifty day moving average price is $68.62 and its 200-day moving average price is $64.86. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.25 and a quick ratio of 0.26. The firm has a market capitalization of $8.33 billion, a price-to-earnings ratio of 16.47, a PEG ratio of 1.44 and a beta of 1.14. Berry Global Group, Inc. has a one year low of $54.06 and a one year high of $73.31.

Berry Global Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Monday, December 2nd. This is a boost from Berry Global Group’s previous quarterly dividend of $0.28. Berry Global Group’s dividend payout ratio is currently 25.06%.

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.