Berry Global Group (NYSE:BERY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Berry Global Group, Inc. is a manufacturer and marketer of value-added plastic consumer packaging and engineered materials. The Company’s products include engineered materials, non-woven specialty materials and consumer packaging. Berry Global Group, Inc., formerly known as Berry Plastics Group, Inc., is headquartered in Evansville, Indiana. “
Several other research analysts also recently commented on the company. Citigroup reduced their price objective on Berry Global Group from $71.00 to $66.00 and set a “buy” rating on the stock in a report on Thursday, April 5th. Barclays reduced their price objective on Berry Global Group from $71.00 to $70.00 and set an “overweight” rating on the stock in a report on Monday, February 12th. Bank of America raised their price objective on Berry Global Group from $73.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, February 8th. Finally, BMO Capital Markets upgraded Berry Global Group from a “market perform” rating to an “outperform” rating in a report on Wednesday, January 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $67.58.
Berry Global Group (NYSE:BERY) last released its quarterly earnings data on Wednesday, February 7th. The industrial products company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.65 by $0.02. The company had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.79 billion. Berry Global Group had a return on equity of 47.10% and a net margin of 6.13%. Berry Global Group’s quarterly revenue was up 18.2% on a year-over-year basis. During the same period last year, the business posted $0.50 EPS. equities research analysts forecast that Berry Global Group will post 3.79 EPS for the current fiscal year.
In related news, Director Paula A. Sneed purchased 1,000 shares of the business’s stock in a transaction dated Monday, March 5th. The shares were acquired at an average cost of $53.63 per share, for a total transaction of $53,630.00. Following the acquisition, the director now owns 1,050 shares of the company’s stock, valued at approximately $56,311.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.00% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Berry Global Group during the 4th quarter worth $111,000. Cerebellum GP LLC purchased a new position in Berry Global Group during the 4th quarter worth $123,000. American International Group Inc. purchased a new position in Berry Global Group during the 4th quarter worth $180,000. Crossmark Global Holdings Inc. purchased a new position in Berry Global Group during the 4th quarter worth $207,000. Finally, MAI Capital Management purchased a new position in Berry Global Group during the 4th quarter worth $218,000. Hedge funds and other institutional investors own 94.82% of the company’s stock.
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About Berry Global Group
Berry Global Group, Inc manufactures and distributes engineered materials, nonwoven specialty materials, and consumer packaging products. The company operates through three segments: Engineered Materials; Health, Hygiene & Specialties; and Consumer Packaging. It 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, vinyl-coated and carton sealing, electrical, 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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