Berry Global Group (NYSE:BERY) Sees Large Volume Increase Following Strong Earnings

Berry Global Group, Inc. (NYSE:BERY) saw strong trading volume on Wednesday following a better than expected earnings announcement. 2,359,400 shares changed hands during mid-day trading, an increase of 80% from the previous session’s volume of 1,308,676 shares.The stock last traded at $71.67 and had previously closed at $70.50.

The industrial products company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. Berry Global Group had a net margin of 4.21% and a return on equity of 26.32%. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the firm posted $1.22 earnings per share. The firm’s revenue was up 2.2% on a year-over-year basis.

Berry Global Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Monday, March 3rd. Berry Global Group’s dividend payout ratio is currently 28.25%.

Analyst Ratings Changes

BERY has been the subject of a number of recent research reports. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $76.00 price objective (up previously from $70.00) on shares of Berry Global Group in a research report on Monday, November 25th. StockNews.com started coverage on shares of Berry Global Group in a report on Wednesday. They issued a “buy” rating for the company. Royal Bank of Canada boosted their target price on Berry Global Group from $69.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 21st. Citigroup reaffirmed a “neutral” rating and issued a $76.00 target price on shares of Berry Global Group in a research report on Monday, November 25th. Finally, UBS Group decreased their target price on shares of Berry Global Group from $75.00 to $72.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Nine investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Berry Global Group currently has an average rating of “Hold” and an average price target of $73.30.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. UMB Bank n.a. raised its stake in shares of Berry Global Group by 89.0% during the fourth quarter. UMB Bank n.a. now owns 650 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 306 shares during the last quarter. Venturi Wealth Management LLC grew its holdings in shares of Berry Global Group by 463.5% during the fourth quarter. Venturi Wealth Management LLC now owns 1,065 shares of the industrial products company’s stock valued at $69,000 after buying an additional 876 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Berry Global Group in the 3rd quarter worth $75,000. GAMMA Investing LLC raised its position in Berry Global Group by 332.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,181 shares of the industrial products company’s stock worth $80,000 after buying an additional 908 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in Berry Global Group during the third quarter valued at approximately $152,000. Institutional investors own 95.36% of the company’s stock.

Berry Global Group Stock Up 1.6 %

The company has a fifty day moving average of $67.46 and a 200 day moving average of $67.17. The company has a quick ratio of 0.80, a current ratio of 1.25 and a debt-to-equity ratio of 2.08. The company has a market cap of $8.29 billion, a P/E ratio of 16.31, a price-to-earnings-growth ratio of 1.45 and a beta of 1.15.

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.