Rhumbline Advisers reduced its stake in shares of Berry Global Group Inc (NYSE:BERY) by 7.5% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 118,123 shares of the industrial products company’s stock after selling 9,574 shares during the period. Rhumbline Advisers’ holdings in Berry Global Group were worth $6,363,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Millennium Management LLC grew its position in Berry Global Group by 70.8% during the 4th quarter. Millennium Management LLC now owns 1,670,155 shares of the industrial products company’s stock worth $79,382,000 after purchasing an additional 692,030 shares during the period. Legal & General Group Plc grew its position in Berry Global Group by 8.9% during the 4th quarter. Legal & General Group Plc now owns 92,871 shares of the industrial products company’s stock worth $4,414,000 after purchasing an additional 7,587 shares during the period. Three Peaks Capital Management LLC acquired a new stake in Berry Global Group during the 4th quarter worth about $2,264,000. Mackay Shields LLC acquired a new stake in Berry Global Group during the 4th quarter worth about $4,562,000. Finally, Pendal Group Ltd grew its position in Berry Global Group by 18.0% during the 4th quarter. Pendal Group Ltd now owns 7,043 shares of the industrial products company’s stock worth $335,000 after purchasing an additional 1,075 shares during the period. 94.80% of the stock is currently owned by institutional investors.
Several equities research analysts have weighed in on the company. Morgan Stanley set a $60.00 price target on Berry Global Group and gave the stock a “hold” rating in a research report on Wednesday, April 17th. BMO Capital Markets increased their price target on Berry Global Group from $65.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, March 11th. Zacks Investment Research lowered shares of Berry Global Group from a “hold” rating to a “sell” rating in a research note on Monday, May 6th. Finally, Bank of America began coverage on shares of Berry Global Group in a research note on Thursday. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $60.40.
In related news, EVP Jason K. Greene sold 7,455 shares of the firm’s stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $52.63, for a total value of $392,356.65. Following the transaction, the executive vice president now directly owns 7,705 shares of the company’s stock, valued at approximately $405,514.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jason K. Greene sold 10,000 shares of the firm’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $57.50, for a total transaction of $575,000.00. Following the completion of the transaction, the executive vice president now directly owns 10,250 shares in the company, valued at $589,375. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,455 shares of company stock worth $1,517,357. Corporate insiders own 1.60% of the company’s stock.
BERY stock opened at $47.87 on Friday. The company has a debt-to-equity ratio of 3.72, a quick ratio of 1.19 and a current ratio of 2.01. Berry Global Group Inc has a 52-week low of $40.50 and a 52-week high of $59.16. The stock has a market cap of $6.30 billion, a PE ratio of 14.20, a PEG ratio of 1.33 and a beta of 1.03.
Berry Global Group (NYSE:BERY) last posted its earnings results on Thursday, May 2nd. The industrial products company reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.14). Berry Global Group had a return on equity of 32.42% and a net margin of 5.03%. The firm had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $2.04 billion. During the same period in the previous year, the company earned $0.84 earnings per share. The company’s revenue was down .9% compared to the same quarter last year. Sell-side analysts forecast that Berry Global Group Inc will post 3.64 earnings per share for the current fiscal year.
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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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