Berry Global Group, Inc. (NYSE:BERY) Sees Significant Drop in Short Interest

Berry Global Group, Inc. (NYSE:BERY) was the target of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 3,940,000 shares, a decrease of 5.7% from the March 31st total of 4,180,000 shares. Currently, 3.4% of the shares of the stock are sold short. Based on an average trading volume of 1,250,000 shares, the short-interest ratio is currently 3.2 days.

Berry Global Group Price Performance

Berry Global Group stock opened at $57.44 on Tuesday. The firm has a market cap of $6.66 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 0.77 and a beta of 1.25. Berry Global Group has a one year low of $53.83 and a one year high of $69.93. The company has a debt-to-equity ratio of 2.62, a current ratio of 1.67 and a quick ratio of 0.95. The stock’s fifty day moving average price is $58.71 and its two-hundred day moving average price is $61.46.

Berry Global Group (NYSE:BERY) last released its quarterly earnings data on Wednesday, February 7th. The industrial products company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.07). Berry Global Group had a net margin of 4.51% and a return on equity of 26.79%. The firm had revenue of $2.85 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same period in the prior year, the company earned $1.30 EPS. The business’s quarterly revenue was down 6.8% compared to the same quarter last year. As a group, research analysts expect that Berry Global Group will post 7.38 EPS for the current fiscal year.

Berry Global Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend was Thursday, February 29th. Berry Global Group’s payout ratio is presently 23.66%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. StockNews.com cut Berry Global Group from a “buy” rating to a “hold” rating in a report on Thursday, February 8th. Mizuho decreased their price target on shares of Berry Global Group from $74.00 to $65.00 and set a “neutral” rating for the company in a research note on Thursday, February 8th. Barclays cut their price objective on shares of Berry Global Group from $67.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Monday, February 12th. UBS Group raised their price objective on Berry Global Group from $76.00 to $89.00 and gave the company a “buy” rating in a report on Tuesday, January 16th. Finally, Robert W. Baird reissued a “neutral” rating and set a $65.00 price target (down from $68.00) on shares of Berry Global Group in a research report on Tuesday, April 16th. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $72.00.

Insider Buying and Selling

In other Berry Global Group news, Director Peter T. Thomas purchased 2,000 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was acquired at an average cost of $56.00 per share, with a total value of $112,000.00. Following the completion of the acquisition, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $112,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Jonathan F. Foster purchased 1,000 shares of the stock in a transaction dated Monday, February 12th. The stock was bought at an average cost of $58.49 per share, with a total value of $58,490.00. Following the purchase, the director now directly owns 5,728 shares in the company, valued at approximately $335,030.72. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter T. Thomas bought 2,000 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was purchased at an average price of $56.00 per share, for a total transaction of $112,000.00. Following the completion of the acquisition, the director now owns 2,000 shares of the company’s stock, valued at approximately $112,000. The disclosure for this purchase can be found here. 4.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Berry Global Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Berry Global Group during the 4th quarter worth approximately $81,617,000. TD Asset Management Inc bought a new stake in shares of Berry Global Group during the fourth quarter valued at approximately $23,803,000. Epoch Investment Partners Inc. raised its position in shares of Berry Global Group by 39.1% during the fourth quarter. Epoch Investment Partners Inc. now owns 1,033,568 shares of the industrial products company’s stock worth $69,652,000 after purchasing an additional 290,781 shares during the period. Sasco Capital Inc. CT bought a new position in shares of Berry Global Group in the 3rd quarter worth $17,518,000. Finally, Invesco Ltd. grew its position in Berry Global Group by 60.1% in the 3rd quarter. Invesco Ltd. now owns 621,408 shares of the industrial products company’s stock valued at $38,471,000 after purchasing an additional 233,368 shares during the period. Institutional investors and hedge funds own 95.36% 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 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.