Berry Global Group (NYSE:BERY) Hits New 12-Month High – Here’s Why

Berry Global Group, Inc. (NYSE:BERY) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $74.24 and last traded at $73.86, with a volume of 135394 shares traded. The stock had previously closed at $73.03.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $76.00 target price (up previously from $70.00) on shares of Berry Global Group in a research note on Monday, November 25th. Barclays upped their target price on Berry Global Group from $64.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 27th. UBS Group increased their target price on Berry Global Group from $72.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Royal Bank of Canada upped their price target on Berry Global Group from $69.00 to $73.00 and gave the stock a “sector perform” rating in a report on Thursday, November 21st. Finally, Citigroup reiterated a “neutral” rating and set a $76.00 price objective on shares of Berry Global Group in a research note on Monday, November 25th. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Berry Global Group currently has a consensus rating of “Hold” and a consensus target price of $74.56.

Berry Global Group Stock Up 0.7 %

The firm’s fifty day moving average is $68.91 and its 200-day moving average is $68.34. The stock has a market capitalization of $8.51 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 1.54 and a beta of 1.13. The company has a debt-to-equity ratio of 3.35, a current ratio of 1.61 and a quick ratio of 1.09.

Berry Global Group (NYSE:BERY) last posted its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. Berry Global Group had a return on equity of 28.26% and a net margin of 3.99%. The business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the firm earned $1.22 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, sell-side analysts predict that Berry Global Group, Inc. will post 6.25 earnings per share for the current year.

Berry Global Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Monday, March 3rd. Berry Global Group’s dividend payout ratio is currently 30.92%.

Institutional Trading of Berry Global Group

Several institutional investors have recently added to or reduced their stakes in the business. Greenleaf Trust lifted its position in shares of Berry Global Group by 3.5% in the 4th quarter. Greenleaf Trust now owns 4,408 shares of the industrial products company’s stock worth $285,000 after buying an additional 149 shares during the last quarter. Quadrant Capital Group LLC raised its stake in Berry Global Group by 28.8% during the fourth quarter. Quadrant Capital Group LLC now owns 738 shares of the industrial products company’s stock worth $48,000 after acquiring an additional 165 shares during the period. CIBC Asset Management Inc lifted its holdings in Berry Global Group by 5.1% in the fourth quarter. CIBC Asset Management Inc now owns 3,534 shares of the industrial products company’s stock worth $229,000 after acquiring an additional 170 shares during the last quarter. M&T Bank Corp boosted its stake in Berry Global Group by 3.1% in the third quarter. M&T Bank Corp now owns 5,832 shares of the industrial products company’s stock valued at $396,000 after acquiring an additional 173 shares during the period. Finally, Commonwealth Equity Services LLC grew its holdings in shares of Berry Global Group by 2.5% during the fourth quarter. Commonwealth Equity Services LLC now owns 10,033 shares of the industrial products company’s stock valued at $649,000 after purchasing an additional 241 shares during the last quarter. 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.