Berry Global Group (NYSE:BERY) Sets New 52-Week High After Dividend Announcement

Berry Global Group, Inc. (NYSE:BERY)’s share price hit a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $70.91 and last traded at $70.62, with a volume of 374994 shares trading hands. The stock had previously closed at $69.73.

The newly announced dividend which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $1.24 annualized dividend and a yield of 1.76%. This is a positive change from Berry Global Group’s previous quarterly dividend of $0.28. Berry Global Group’s dividend payout ratio is presently 23.50%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BERY. Morgan Stanley began coverage on shares of Berry Global Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 price target for the company. UBS Group reduced their price target on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Truist Financial increased their price target on shares of Berry Global Group from $68.00 to $74.00 and gave the company a “hold” rating in a research report on Tuesday, October 15th. Finally, StockNews.com upgraded shares of Berry Global Group from a “hold” rating to a “buy” rating in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Berry Global Group has an average rating of “Hold” and a consensus target price of $71.22.

Berry Global Group Price Performance

The stock has a market capitalization of $8.09 billion, a PE ratio of 15.08, a P/E/G ratio of 1.16 and a beta of 1.15. The firm’s 50 day simple moving average is $67.92 and its 200 day simple moving average is $63.19. The company has a debt-to-equity ratio of 2.57, a current ratio of 1.82 and a quick ratio of 1.08.

Berry Global Group (NYSE:BERY) last issued its earnings results on Friday, August 2nd. The industrial products company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.16. Berry Global Group had a net margin of 4.55% and a return on equity of 27.32%. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter last year, the business earned $1.90 earnings per share. The business’s revenue was down 2.1% on a year-over-year basis. As a group, equities analysts forecast that Berry Global Group, Inc. will post 7.6 EPS for the current fiscal year.

Insider Activity at Berry Global Group

In other news, Director Evan Bayh sold 14,000 shares of Berry Global Group stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total transaction of $981,820.00. Following the completion of the transaction, the director now directly owns 30,228 shares in the company, valued at approximately $2,119,889.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Berry Global Group

A number of large investors have recently added to or reduced their stakes in BERY. Altshuler Shaham Ltd bought a new stake in shares of Berry Global Group during the 2nd quarter valued at $27,000. Quest Partners LLC boosted its holdings in Berry Global Group by 54,800.0% in the 2nd quarter. Quest Partners LLC now owns 549 shares of the industrial products company’s stock worth $32,000 after buying an additional 548 shares during the period. LRI Investments LLC boosted its holdings in Berry Global Group by 1,309.1% in the 2nd quarter. LRI Investments LLC now owns 620 shares of the industrial products company’s stock worth $36,000 after buying an additional 576 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Berry Global Group in the 2nd quarter worth $42,000. Finally, American Capital Advisory LLC purchased a new stake in Berry Global Group in the 2nd quarter worth $44,000. Institutional investors 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.