Berry Global Group Inc (NYSE:BERY) was the recipient of a significant growth in short interest during the month of November. As of November 29th, there was short interest totalling 4,260,000 shares, a growth of 18.7% from the November 14th total of 3,590,000 shares. Based on an average trading volume of 1,180,000 shares, the days-to-cover ratio is presently 3.6 days. Currently, 3.3% of the company’s shares are short sold.
A number of brokerages recently weighed in on BERY. Citigroup reduced their target price on Berry Global Group from $59.00 to $58.00 and set a “buy” rating on the stock in a report on Thursday, October 17th. Zacks Investment Research raised Berry Global Group from a “sell” rating to a “hold” rating and set a $38.00 price objective on the stock in a research report on Wednesday, November 27th. Morgan Stanley reissued a “hold” rating and issued a $51.00 price objective (up from $49.00) on shares of Berry Global Group in a research report on Monday, November 25th. Bank of America raised Berry Global Group from a “neutral” rating to a “buy” rating and set a $51.00 price objective on the stock in a research report on Wednesday, September 25th. They noted that the move was a valuation call. Finally, Goldman Sachs Group reissued a “buy” rating and issued a $52.00 price objective on shares of Berry Global Group in a research report on Thursday, August 22nd. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $55.88.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Heritage Wealth Advisors purchased a new stake in shares of Berry Global Group during the second quarter worth about $47,000. Usca Ria LLC purchased a new stake in shares of Berry Global Group during the third quarter worth about $51,000. FTB Advisors Inc. increased its position in shares of Berry Global Group by 55.9% during the third quarter. FTB Advisors Inc. now owns 1,386 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 497 shares during the last quarter. Captrust Financial Advisors increased its position in shares of Berry Global Group by 10.9% during the second quarter. Captrust Financial Advisors now owns 3,667 shares of the industrial products company’s stock worth $193,000 after acquiring an additional 359 shares during the last quarter. Finally, Sawtooth Solutions LLC increased its position in shares of Berry Global Group by 18.4% during the second quarter. Sawtooth Solutions LLC now owns 4,710 shares of the industrial products company’s stock worth $248,000 after acquiring an additional 731 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.
Berry Global Group (NYSE:BERY) last released its quarterly earnings data on Thursday, November 21st. The industrial products company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.74 by $0.16. Berry Global Group had a return on equity of 29.77% and a net margin of 4.55%. The company had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period last year, the company posted $0.90 earnings per share. The firm’s revenue was up 47.0% compared to the same quarter last year. As a group, research analysts anticipate that Berry Global Group will post 4.07 earnings per share for the current year.
Berry Global Group Company Profile
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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