Chesapeake Capital Corp IL Sells 8,969 Shares of Berry Global Group, Inc. (NYSE:BERY)

Chesapeake Capital Corp IL lessened its holdings in shares of Berry Global Group, Inc. (NYSE:BERY) by 67.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,376 shares of the industrial products company’s stock after selling 8,969 shares during the quarter. Chesapeake Capital Corp IL’s holdings in Berry Global Group were worth $265,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of BERY. SG Americas Securities LLC raised its stake in shares of Berry Global Group by 643.5% in the fourth quarter. SG Americas Securities LLC now owns 12,082 shares of the industrial products company’s stock worth $814,000 after purchasing an additional 10,457 shares during the last quarter. Raymond James & Associates raised its position in Berry Global Group by 10.2% in the 4th quarter. Raymond James & Associates now owns 221,583 shares of the industrial products company’s stock valued at $14,932,000 after buying an additional 20,422 shares during the last quarter. Pacer Advisors Inc. lifted its stake in Berry Global Group by 63.6% during the 4th quarter. Pacer Advisors Inc. now owns 25,330 shares of the industrial products company’s stock valued at $1,707,000 after acquiring an additional 9,844 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Berry Global Group during the 4th quarter valued at $5,611,000. Finally, Tectonic Advisors LLC boosted its holdings in Berry Global Group by 1.6% during the 4th quarter. Tectonic Advisors LLC now owns 139,869 shares of the industrial products company’s stock worth $9,426,000 after acquiring an additional 2,168 shares during the last quarter. Institutional investors and hedge funds own 95.36% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on BERY. UBS Group lowered their target price on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating for the company in a report on Wednesday. Robert W. Baird restated a “neutral” rating and set a $65.00 price target (down previously from $68.00) on shares of Berry Global Group in a research note on Tuesday, April 16th. Truist Financial reaffirmed a “hold” rating and set a $68.00 price objective (down from $75.00) on shares of Berry Global Group in a report on Wednesday, March 27th. Bank of America increased their target price on shares of Berry Global Group from $74.00 to $81.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Finally, StockNews.com lowered shares of Berry Global Group from a “buy” rating to a “hold” rating in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $71.40.

Insider Activity

In related news, CFO Mark W. Miles sold 1,118 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $60.29, for a total value of $67,404.22. Following the transaction, the chief financial officer now directly owns 119,384 shares in the company, valued at $7,197,661.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Peter T. Thomas acquired 1,000 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was purchased at an average cost of $59.50 per share, for a total transaction of $59,500.00. Following the acquisition, the director now owns 4,407 shares of the company’s stock, valued at $262,216.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark W. Miles sold 1,118 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $60.29, for a total value of $67,404.22. Following the transaction, the chief financial officer now directly owns 119,384 shares in the company, valued at $7,197,661.36. The disclosure for this sale can be found here. Corporate insiders own 4.00% of the company’s stock.

Berry Global Group Price Performance

NYSE:BERY traded down $0.49 during mid-day trading on Friday, hitting $62.82. 1,058,719 shares of the stock traded hands, compared to its average volume of 1,214,812. The business’s 50-day moving average price is $60.17 and its 200 day moving average price is $60.50. 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 $7.19 billion, a PE ratio of 14.92, a price-to-earnings-growth ratio of 1.27 and a beta of 1.16. Berry Global Group, Inc. has a 12-month low of $53.92 and a 12-month high of $69.93.

Berry Global Group (NYSE:BERY) last released its quarterly earnings results on Thursday, May 9th. The industrial products company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.90 by $0.05. The firm had revenue of $3.08 billion during the quarter, compared to analyst estimates of $3.16 billion. Berry Global Group had a net margin of 4.12% and a return on equity of 26.55%. The business’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.96 EPS. On average, analysts expect that Berry Global Group, Inc. will post 7.44 EPS for the current fiscal year.

Berry Global Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were issued a $0.275 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $1.10 annualized dividend and a dividend yield of 1.75%. Berry Global Group’s payout ratio is currently 26.13%.

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.