Berry Global Group (NYSE:BERY) Given “Neutral” Rating at Robert W. Baird

Robert W. Baird reaffirmed their neutral rating on shares of Berry Global Group (NYSE:BERY) in a research note issued to investors on Tuesday morning, MarketBeat.com reports. They currently have a $65.00 price target on the industrial products company’s stock, down from their prior price target of $68.00.

Several other equities research analysts have also commented on the stock. Mizuho decreased their price objective on shares of Berry Global Group from $74.00 to $65.00 and set a neutral rating on the stock in a research report on Thursday, February 8th. TheStreet lowered shares of Berry Global Group from a b- rating to a c+ rating in a research report on Monday, February 26th. Barclays decreased their price objective on shares of Berry Global Group from $67.00 to $64.00 and set an equal weight rating on the stock in a research report on Monday, February 12th. StockNews.com lowered shares of Berry Global Group from a buy rating to a hold rating in a research report on Thursday, February 8th. Finally, Wolfe Research initiated coverage on shares of Berry Global Group in a research report on Friday, March 1st. They issued a peer perform rating on the stock. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $72.00.

Berry Global Group Price Performance

Shares of NYSE BERY opened at $56.56 on Tuesday. The firm has a market capitalization of $6.56 billion, a P/E ratio of 12.16, a PEG ratio of 0.75 and a beta of 1.25. Berry Global Group has a one year low of $53.83 and a one year high of $69.93. The company’s fifty day moving average is $58.90 and its two-hundred day moving average is $61.42. The company has a debt-to-equity ratio of 2.62, a quick ratio of 0.95 and a current ratio of 1.67.

Berry Global Group (NYSE:BERY) last issued its earnings results on Wednesday, February 7th. The industrial products company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.29 by ($0.07). The company had revenue of $2.85 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Berry Global Group had a return on equity of 26.79% and a net margin of 4.51%. Berry Global Group’s revenue for the quarter was down 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.30 earnings per share. Analysts forecast that Berry Global Group will post 7.41 EPS for the current fiscal year.

Berry Global Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date was Thursday, February 29th. Berry Global Group’s dividend payout ratio is currently 23.66%.

Insider Activity

In related news, Director Jonathan F. Foster acquired 1,000 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was bought at an average price of $58.49 per share, with a total value of $58,490.00. Following the purchase, the director now directly owns 5,728 shares in the company, valued at approximately $335,030.72. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Jonathan F. Foster bought 1,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was acquired at an average price of $58.49 per share, for a total transaction of $58,490.00. Following the acquisition, the director now owns 5,728 shares of the company’s stock, valued at $335,030.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Peter T. Thomas bought 2,000 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were purchased at an average price of $56.00 per share, with a total value of $112,000.00. Following the acquisition, the director now directly owns 2,000 shares in the company, valued at approximately $112,000. The disclosure for this purchase can be found here. Corporate insiders own 4.00% of the company’s stock.

Institutional Trading of Berry Global Group

A number of institutional investors have recently modified their holdings of BERY. State Street Corp grew its holdings in shares of Berry Global Group by 70.2% during the 2nd quarter. State Street Corp now owns 3,423,592 shares of the industrial products company’s stock worth $220,274,000 after purchasing an additional 1,412,532 shares during the period. Norges Bank purchased a new position in Berry Global Group in the 4th quarter worth approximately $81,617,000. Marshall Wace LLP boosted its holdings in Berry Global Group by 1,301.8% in the 4th quarter. Marshall Wace LLP now owns 423,479 shares of the industrial products company’s stock worth $25,591,000 after acquiring an additional 393,269 shares during the period. Point72 Asset Management L.P. boosted its holdings in Berry Global Group by 267.3% in the 2nd quarter. Point72 Asset Management L.P. now owns 513,044 shares of the industrial products company’s stock worth $33,009,000 after acquiring an additional 373,354 shares during the period. Finally, TD Asset Management Inc purchased a new position in Berry Global Group in the 4th quarter worth approximately $23,803,000. Hedge funds and other institutional investors own 95.36% of the company’s stock.

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.