Zacks Investment Research upgraded shares of Berry Global Group (NYSE:BERY) from a sell rating to a hold rating in a research note released on Monday morning, Zacks.com reports. The brokerage currently has $57.00 target price on the industrial products company’s stock.
According to Zacks, “Over the past six months, Berry Global's shares have outperformed the industry. We believe that the company is well placed to benefit from acquisitions it made over time. Clopay Plastic Products and Laddawn, both acquired in fiscal 2018, have been strengthening the company's operations. Also, the recently acquired RPC Group will enhance growth opportunities by creating a leader in the plastic and recycled packaging industry. To add, business restructuring initiatives will help the company offer better services to customers and enhance shareholders' value. However, it faces headwinds from rising costs, forex woes and huge debts. For fiscal 2019, Berry Global predicts interest expenses to be roughly $270 million, up from $259 million in fiscal 2018. In addition, the company's acquisitive nature adds to the integration risks.”
Several other research analysts have also recently weighed in on the stock. Bank of America set a $30.00 price target on shares of L Brands and gave the company a hold rating in a report on Thursday, May 23rd. BMO Capital Markets cut shares of MDC Partners from an outperform rating to a market perform rating and set a $2.53 price target on the stock. in a report on Monday, March 11th. Finally, Morgan Stanley set a $60.00 price target on shares of Berry Global Group and gave the company a hold rating in a report on Wednesday, April 17th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $60.60.
Berry Global Group stock traded up $0.36 during trading hours on Monday, hitting $54.16. The company had a trading volume of 770,201 shares, compared to its average volume of 1,485,308. The stock has a market capitalization of $7.08 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 1.54 and a beta of 1.20. The company has a current ratio of 2.01, a quick ratio of 1.19 and a debt-to-equity ratio of 3.72. Berry Global Group has a one year low of $40.50 and a one year high of $59.16. The business’s 50-day moving average is $50.50.
Berry Global Group (NYSE:BERY) last released its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.84 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by ($0.14). The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $2.04 billion. Berry Global Group had a net margin of 5.03% and a return on equity of 32.42%. The firm’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.84 earnings per share. Equities analysts expect that Berry Global Group will post 3.54 earnings per share for the current year.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Ingalls & Snyder LLC boosted its position in Berry Global Group by 3.4% in the second quarter. Ingalls & Snyder LLC now owns 13,845 shares of the industrial products company’s stock valued at $728,000 after buying an additional 450 shares in the last quarter. WINTON GROUP Ltd boosted its position in Berry Global Group by 49.8% in the second quarter. WINTON GROUP Ltd now owns 21,148 shares of the industrial products company’s stock valued at $1,112,000 after buying an additional 7,026 shares in the last quarter. Amundi Pioneer Asset Management Inc. boosted its position in Berry Global Group by 241.8% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 493,128 shares of the industrial products company’s stock valued at $26,565,000 after buying an additional 348,837 shares in the last quarter. Advisory Services Network LLC boosted its position in Berry Global Group by 932.8% in the first quarter. Advisory Services Network LLC now owns 3,243 shares of the industrial products company’s stock valued at $175,000 after buying an additional 2,929 shares in the last quarter. Finally, Cerebellum GP LLC boosted its position in Berry Global Group by 71.5% in the first quarter. Cerebellum GP LLC now owns 6,182 shares of the industrial products company’s stock valued at $333,000 after buying an additional 2,578 shares in the last quarter. 95.49% of the stock is currently owned by institutional investors.
About Berry Global Group
Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products. The company operates through three segments: Engineered Materials; Health, Hygiene & Specialties; and Consumer Packaging. The Engineered Materials segment offers engineered materials, including stretch and shrink films, and converter films; trash-can liners and food bags; cloth and foil, splicing and laminating, flame-retardant, flashing and seaming tapes, double-faced cloth, masking, mounting, OEM, and medical and specialty tapes; and food and consumer films, retail bags, and polyvinyl chloride films.
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