Berry Global Group (NYSE:BERY) Sees Large Volume Increase Following Better-Than-Expected Earnings

Shares of Berry Global Group, Inc. (NYSE:BERY) saw unusually-high trading volume on Wednesday following a better than expected earnings announcement. Approximately 2,359,400 shares were traded during mid-day trading, an increase of 80% from the previous session’s volume of 1,308,676 shares.The stock last traded at $71.67 and had previously closed at $70.50.

The industrial products company reported $1.09 EPS for the quarter, topping the consensus estimate of $1.00 by $0.09. Berry Global Group had a net margin of 4.21% and a return on equity of 26.32%. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the firm posted $1.22 earnings per share. The company’s quarterly revenue was up 2.2% compared to the same quarter last year.

Berry Global Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Monday, March 3rd. Berry Global Group’s payout ratio is currently 28.25%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Citigroup reissued a “neutral” rating and set a $76.00 target price on shares of Berry Global Group in a research note on Monday, November 25th. Barclays increased their target price on Berry Global Group from $64.00 to $75.00 and gave the company an “equal weight” rating in a report on Wednesday, November 27th. UBS Group reduced their price target on Berry Global Group from $75.00 to $72.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Royal Bank of Canada upped their price target on shares of Berry Global Group from $69.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 21st. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and issued a $76.00 price target (up previously from $70.00) on shares of Berry Global Group in a report on Monday, November 25th. Nine investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $73.30.

Institutional Investors Weigh In On Berry Global Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. UMB Bank n.a. raised its stake in Berry Global Group by 89.0% in the 4th quarter. UMB Bank n.a. now owns 650 shares of the industrial products company’s stock valued at $42,000 after acquiring an additional 306 shares during the period. Venturi Wealth Management LLC increased its holdings in shares of Berry Global Group by 463.5% in the fourth quarter. Venturi Wealth Management LLC now owns 1,065 shares of the industrial products company’s stock valued at $69,000 after purchasing an additional 876 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Berry Global Group in the third quarter valued at about $75,000. GAMMA Investing LLC lifted its stake in shares of Berry Global Group by 332.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,181 shares of the industrial products company’s stock worth $80,000 after buying an additional 908 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Berry Global Group during the 3rd quarter worth about $152,000. Institutional investors and hedge funds own 95.36% of the company’s stock.

Berry Global Group Stock Performance

The firm has a market cap of $8.29 billion, a price-to-earnings ratio of 16.31, a price-to-earnings-growth ratio of 1.45 and a beta of 1.15. The company has a current ratio of 1.25, a quick ratio of 0.80 and a debt-to-equity ratio of 2.08. The stock’s 50 day moving average is $67.46 and its 200 day moving average is $67.17.

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.