Berry Global Group (NYSE:BERY) Posts Earnings Results, Beats Estimates By $0.14 EPS

Berry Global Group (NYSE:BERY) posted its earnings results on Thursday. The industrial products company reported $2.28 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.14, MarketWatch Earnings reports. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.14 billion. Berry Global Group had a return on equity of 27.67% and a net margin of 5.05%. The firm’s revenue was down 9.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.19 EPS. Berry Global Group updated its FY24 guidance to $7.35-7.85 EPS and its FY 2024 guidance to $7.35-$7.85 EPS.

Berry Global Group Price Performance

Shares of BERY opened at $63.73 on Friday. Berry Global Group has a 12-month low of $53.83 and a 12-month high of $68.01. The business has a 50-day simple moving average of $58.94 and a two-hundred day simple moving average of $61.34. The company has a quick ratio of 1.12, a current ratio of 1.87 and a debt-to-equity ratio of 2.72. The stock has a market cap of $7.53 billion, a PE ratio of 12.02, a PEG ratio of 0.77 and a beta of 1.20.

Berry Global Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Thursday, November 30th. This is a boost from Berry Global Group’s previous quarterly dividend of $0.25. Berry Global Group’s dividend payout ratio is presently 18.87%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BERY. Wells Fargo & Company decreased their target price on Berry Global Group from $74.00 to $64.00 and set an “overweight” rating on the stock in a report on Thursday, October 19th. Jefferies Financial Group reduced their price target on Berry Global Group from $86.00 to $83.00 and set a “buy” rating for the company in a research note on Wednesday, October 18th. StockNews.com upgraded Berry Global Group from a “hold” rating to a “buy” rating in a research note on Friday. Royal Bank of Canada boosted their price target on Berry Global Group from $73.00 to $78.00 and gave the company an “outperform” rating in a research note on Thursday, August 10th. Finally, Citigroup reduced their price target on Berry Global Group from $80.00 to $72.00 and set a “buy” rating for the company in a research note on Tuesday, October 10th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Berry Global Group has a consensus rating of “Moderate Buy” and an average target price of $71.85.

Insiders Place Their Bets

In other Berry Global Group news, Director Evan Bayh sold 14,000 shares of the company’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $54.57, for a total value of $763,980.00. Following the completion of the transaction, the director now owns 27,258 shares of the company’s stock, valued at approximately $1,487,469.06. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Berry Global Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of Berry Global Group by 1.5% in the first quarter. BlackRock Inc. now owns 5,416,478 shares of the industrial products company’s stock valued at $319,031,000 after buying an additional 80,808 shares during the period. State Street Corp increased its stake in shares of Berry Global Group by 70.2% in the second quarter. State Street Corp now owns 3,423,592 shares of the industrial products company’s stock valued at $220,274,000 after buying an additional 1,412,532 shares during the period. Macquarie Group Ltd. increased its stake in shares of Berry Global Group by 0.4% in the second quarter. Macquarie Group Ltd. now owns 2,667,381 shares of the industrial products company’s stock valued at $145,746,000 after buying an additional 10,548 shares during the period. Alliancebernstein L.P. increased its stake in shares of Berry Global Group by 3.1% in the second quarter. Alliancebernstein L.P. now owns 1,958,327 shares of the industrial products company’s stock valued at $125,999,000 after buying an additional 58,583 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Berry Global Group by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,798,865 shares of the industrial products company’s stock valued at $104,268,000 after buying an additional 49,561 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Berry Global Group Company Profile

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments. The Consumer Packaging International segment offers closures and dispensing systems, pharmaceutical devices and packaging, bottles and canisters, containers, and technical components.