Short Interest in Berry Global Group, Inc. (NYSE:BERY) Increases By 5.5%

Berry Global Group, Inc. (NYSE:BERY) was the target of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 4,420,000 shares, an increase of 5.5% from the September 30th total of 4,190,000 shares. Based on an average trading volume of 757,700 shares, the days-to-cover ratio is presently 5.8 days. Currently, 3.9% of the company’s shares are sold short.

Insider Buying and Selling

In related news, Director Evan Bayh sold 14,000 shares of the firm’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 transaction of $981,820.00. Following the transaction, the director now directly owns 30,228 shares in the company, valued at $2,119,889.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BERY. Wealth Enhancement Advisory Services LLC raised its stake in Berry Global Group by 3.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 16,885 shares of the industrial products company’s stock valued at $1,021,000 after buying an additional 487 shares during the last quarter. State of Michigan Retirement System raised its stake in Berry Global Group by 0.7% during the first quarter. State of Michigan Retirement System now owns 28,500 shares of the industrial products company’s stock valued at $1,724,000 after buying an additional 200 shares during the last quarter. Norden Group LLC purchased a new position in Berry Global Group during the first quarter valued at $259,000. Leeward Investments LLC MA raised its stake in Berry Global Group by 4.9% during the first quarter. Leeward Investments LLC MA now owns 173,826 shares of the industrial products company’s stock valued at $10,513,000 after buying an additional 8,185 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in Berry Global Group by 15.5% during the first quarter. Commonwealth Equity Services LLC now owns 9,711 shares of the industrial products company’s stock valued at $587,000 after buying an additional 1,302 shares during the last quarter. Hedge funds and other institutional investors own 95.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. UBS Group reduced their price target on Berry Global Group from $89.00 to $77.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. StockNews.com upgraded Berry Global Group from a “hold” rating to a “buy” rating in a report on Wednesday. Morgan Stanley initiated coverage on Berry Global Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 price objective for the company. Finally, Truist Financial increased their price objective on Berry Global Group from $68.00 to $74.00 and gave the stock a “hold” rating in a report on Tuesday, October 15th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Berry Global Group presently has an average rating of “Hold” and an average price target of $71.22.

Berry Global Group Trading Up 1.4 %

BERY opened at $70.73 on Thursday. The stock has a market cap of $8.11 billion, a PE ratio of 15.11, a PEG ratio of 1.10 and a beta of 1.15. The company has a quick ratio of 1.08, a current ratio of 1.82 and a debt-to-equity ratio of 2.57. The business has a 50 day moving average of $67.72 and a 200-day moving average of $63.08. Berry Global Group has a 52 week low of $54.06 and a 52 week high of $70.91.

Berry Global Group (NYSE:BERY) last released its earnings results on Friday, August 2nd. The industrial products company reported $2.18 EPS for the quarter, beating analysts’ consensus estimates of $2.02 by $0.16. The company had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Berry Global Group had a return on equity of 27.32% and a net margin of 4.55%. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.90 EPS. Equities research analysts predict that Berry Global Group will post 7.6 earnings per share for the current fiscal year.

Berry Global Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.31 per share. This is a boost from Berry Global Group’s previous quarterly dividend of $0.28. The ex-dividend date is Monday, December 2nd. This represents a $1.24 dividend on an annualized basis and a yield of 1.75%. Berry Global Group’s payout ratio is presently 23.50%.

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.