Three Peaks Capital Management LLC boosted its position in shares of Berry Global Group Inc (NYSE:BERY) by 22.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 87,869 shares of the industrial products company’s stock after buying an additional 16,291 shares during the quarter. Three Peaks Capital Management LLC’s holdings in Berry Global Group were worth $4,173,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of BERY. Usca Ria LLC purchased a new position in Berry Global Group during the third quarter worth about $51,000. FTB Advisors Inc. raised its stake in shares of Berry Global Group by 55.9% in the 3rd quarter. FTB Advisors Inc. now owns 1,386 shares of the industrial products company’s stock valued at $53,000 after acquiring an additional 497 shares during the period. Neo Ivy Capital Management purchased a new stake in shares of Berry Global Group in the 3rd quarter valued at approximately $211,000. Arden Trust Co raised its stake in shares of Berry Global Group by 14.6% in the 3rd quarter. Arden Trust Co now owns 5,604 shares of the industrial products company’s stock valued at $221,000 after acquiring an additional 713 shares during the period. Finally, Synovus Financial Corp purchased a new stake in shares of Berry Global Group in the 3rd quarter valued at approximately $246,000. 95.78% of the stock is currently owned by institutional investors.
BERY has been the topic of several recent research reports. ValuEngine raised shares of Berry Global Group from a “sell” rating to a “hold” rating in a research note on Thursday, November 21st. Morgan Stanley reaffirmed a “hold” rating and set a $51.00 target price (up from $49.00) on shares of Berry Global Group in a research note on Monday, November 25th. Barclays initiated coverage on shares of Berry Global Group in a research note on Thursday. They set an “equal weight” rating and a $50.00 target price on the stock. Bank of America raised shares of Berry Global Group from a “neutral” rating to a “buy” rating and set a $51.00 target price on the stock in a research note on Wednesday, September 25th. They noted that the move was a valuation call. Finally, Citigroup cut their target price on shares of Berry Global Group from $59.00 to $58.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $55.22.
Berry Global Group (NYSE:BERY) last issued its quarterly earnings results on Thursday, November 21st. The industrial products company reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.16. The firm had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Berry Global Group had a net margin of 4.55% and a return on equity of 29.77%. Berry Global Group’s quarterly revenue was up 47.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.90 EPS. Research analysts forecast that Berry Global Group Inc will post 4.1 EPS for the current fiscal year.
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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