Pentwater Capital Management LP Acquires Shares of 283,000 Berry Global Group, Inc. (NYSE:BERY)

Pentwater Capital Management LP bought a new position in Berry Global Group, Inc. (NYSE:BERY) during the 4th quarter, Holdings Channel reports. The institutional investor bought 283,000 shares of the industrial products company’s stock, valued at approximately $18,302,000. Berry Global Group accounts for approximately 0.2% of Pentwater Capital Management LP’s investment portfolio, making the stock its 22nd biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Norges Bank purchased a new stake in Berry Global Group during the 4th quarter valued at about $91,526,000. Magnetar Financial LLC bought a new stake in Berry Global Group in the fourth quarter worth $71,882,000. Westchester Capital Management LLC purchased a new stake in shares of Berry Global Group in the fourth quarter worth $45,055,000. Alpine Associates Management Inc. purchased a new stake in shares of Berry Global Group in the fourth quarter worth $38,323,000. Finally, Calamos Advisors LLC purchased a new stake in shares of Berry Global Group in the fourth quarter worth $35,568,000. Hedge funds and other institutional investors own 95.36% of the company’s stock.

Berry Global Group Price Performance

Shares of NYSE BERY opened at $69.74 on Tuesday. The company’s fifty day moving average is $69.21 and its two-hundred day moving average is $68.62. The company has a debt-to-equity ratio of 3.35, a quick ratio of 1.09 and a current ratio of 1.61. The firm has a market capitalization of $8.08 billion, a P/E ratio of 17.39, a PEG ratio of 1.54 and a beta of 1.14. Berry Global Group, Inc. has a one year low of $56.60 and a one year high of $74.24.

Berry Global Group (NYSE:BERY) last issued its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.09 earnings per share (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 firm had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the company earned $1.22 EPS. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. Analysts forecast that Berry Global Group, Inc. will post 6.25 EPS for the current fiscal year.

Berry Global Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a dividend of $0.31 per share. The ex-dividend date was Monday, March 3rd. This represents a $1.24 annualized dividend and a dividend yield of 1.78%. Berry Global Group’s payout ratio is currently 30.92%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Truist Financial lowered their target price on Berry Global Group from $76.00 to $71.00 and set a “hold” rating on the stock in a report on Tuesday, April 22nd. StockNews.com started coverage on Berry Global Group in a report on Saturday. They set a “buy” rating for the company. Finally, UBS Group boosted their price target on shares of Berry Global Group from $72.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $75.13.

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.