Berry Global Group (NYSE:BERY) Reaches New 1-Year High – Here’s Why

Shares of Berry Global Group, Inc. (NYSE:BERY) reached a new 52-week high during trading on Wednesday . The stock traded as high as $73.31 and last traded at $73.04, with a volume of 871698 shares traded. The stock had previously closed at $72.56.

Analyst Ratings Changes

Several equities analysts recently weighed in on BERY shares. Citigroup reaffirmed a “neutral” rating and set a $76.00 target price on shares of Berry Global Group in a research note on Monday, November 25th. StockNews.com initiated coverage on Berry Global Group in a report on Friday, February 21st. They issued a “buy” rating on the stock. 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. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $76.00 price objective (up previously from $70.00) on shares of Berry Global Group in a research note on Monday, November 25th. Finally, UBS Group upped their price objective on Berry Global Group from $72.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $74.56.

Berry Global Group Price Performance

The company has a quick ratio of 1.09, a current ratio of 1.61 and a debt-to-equity ratio of 3.35. The company has a market capitalization of $8.38 billion, a PE ratio of 18.05, a price-to-earnings-growth ratio of 1.54 and a beta of 1.15. The firm’s 50 day simple moving average is $67.79 and its 200 day simple moving average is $67.91.

Berry Global Group (NYSE:BERY) last issued its quarterly earnings results on Tuesday, February 4th. 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 3.99% and a return on equity of 28.26%. The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the firm posted $1.22 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. As a group, research analysts anticipate that Berry Global Group, Inc. will post 6.25 EPS for the current fiscal year.

Berry Global Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend is Monday, March 3rd. Berry Global Group’s dividend payout ratio (DPR) is presently 30.92%.

Institutional Trading of Berry Global Group

Large investors have recently made changes to their positions in the stock. Greenleaf Trust boosted its position in Berry Global Group by 3.5% in the 4th quarter. Greenleaf Trust now owns 4,408 shares of the industrial products company’s stock valued at $285,000 after buying an additional 149 shares during the period. Quadrant Capital Group LLC increased its holdings in Berry Global Group by 28.8% during the 4th quarter. Quadrant Capital Group LLC now owns 738 shares of the industrial products company’s stock worth $48,000 after purchasing an additional 165 shares during the period. CIBC Asset Management Inc lifted its holdings in shares of Berry Global Group by 5.1% in the 4th quarter. CIBC Asset Management Inc now owns 3,534 shares of the industrial products company’s stock worth $229,000 after buying an additional 170 shares during the period. M&T Bank Corp grew its position in shares of Berry Global Group by 3.1% during the 3rd quarter. M&T Bank Corp now owns 5,832 shares of the industrial products company’s stock worth $396,000 after buying an additional 173 shares in the last quarter. Finally, Creative Planning increased its stake in shares of Berry Global Group by 3.0% during the third quarter. Creative Planning now owns 6,827 shares of the industrial products company’s stock valued at $464,000 after buying an additional 198 shares during the period. 95.36% of the stock is owned by hedge funds and other institutional investors.

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.