Berry Global Group (NYSE:BERY) Lifted to “Buy” at StockNews.com

Berry Global Group (NYSE:BERY) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday.

BERY has been the subject of a number of other reports. Truist Financial reissued a “hold” rating and issued a $68.00 price target (down from $75.00) on shares of Berry Global Group in a report on Wednesday, March 27th. Bank of America raised their target price on shares of Berry Global Group from $74.00 to $81.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Mizuho dropped their price target on Berry Global Group from $74.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday, February 8th. Royal Bank of Canada reissued a “sector perform” rating and set a $62.00 price objective (down from $72.00) on shares of Berry Global Group in a research note on Friday, March 15th. Finally, TheStreet cut Berry Global Group from a “b-” rating to a “c+” rating in a report on Monday, February 26th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Berry Global Group currently has an average rating of “Moderate Buy” and a consensus price target of $72.60.

Berry Global Group Price Performance

NYSE BERY opened at $60.27 on Tuesday. The firm has a market capitalization of $6.89 billion, a PE ratio of 14.32, a P/E/G ratio of 0.81 and a beta of 1.24. The company has a debt-to-equity ratio of 2.64, a current ratio of 1.74 and a quick ratio of 1.01. Berry Global Group has a 12 month low of $53.92 and a 12 month high of $69.93. The company’s 50 day simple moving average is $58.88 and its 200 day simple moving average is $61.87.

Berry Global Group (NYSE:BERY) last issued its quarterly earnings results on Thursday, May 9th. The industrial products company reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.90 by $0.05. The company had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Berry Global Group had a return on equity of 26.55% and a net margin of 4.12%. The firm’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period last year, the firm earned $1.96 EPS. As a group, equities research analysts forecast that Berry Global Group will post 7.42 EPS for the current fiscal year.

Insider Transactions at Berry Global Group

In other Berry Global Group news, CFO Mark W. Miles sold 1,118 shares of Berry Global Group stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $60.29, for a total transaction of $67,404.22. Following the completion of the sale, the chief financial officer now owns 119,384 shares of the company’s stock, valued at approximately $7,197,661.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Berry Global Group

Hedge funds have recently added to or reduced their stakes in the company. EdgePoint Investment Group Inc. grew its position in Berry Global Group by 16.7% in the first quarter. EdgePoint Investment Group Inc. now owns 13,548,966 shares of the industrial products company’s stock worth $819,441,000 after acquiring an additional 1,934,137 shares in the last quarter. Norges Bank acquired a new stake in shares of Berry Global Group in the 4th quarter valued at $81,617,000. Vanguard Group Inc. boosted its holdings in Berry Global Group by 10.2% in the first quarter. Vanguard Group Inc. now owns 12,931,050 shares of the industrial products company’s stock worth $782,070,000 after purchasing an additional 1,200,021 shares in the last quarter. TD Asset Management Inc acquired a new position in Berry Global Group during the fourth quarter worth $23,803,000. Finally, Khrom Capital Management LLC raised its holdings in Berry Global Group by 43.9% during the first quarter. Khrom Capital Management LLC now owns 1,076,470 shares of the industrial products company’s stock valued at $65,105,000 after buying an additional 328,541 shares in the last quarter. Institutional investors and hedge funds own 95.36% of the company’s stock.

About Berry Global Group

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets in the United States, Canada, Europe, and internationally. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments.