Berry Plastics Group Inc. (BERY) Downgraded by Zacks Investment Research to Hold
Berry Plastics Group Inc. (NYSE:BERY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Berry Plastics Group, Inc. is a manufacturer and marketer of value-added plastic consumer packaging and engineered materials. The Company operates in three segments: Rigid Packaging, Engineered Materials and Flexible Packaging. Its rigid packaging products include containers, thermoformed polypropylene and injection-molded plastic drink cups, plastic home and party items, plastic garden products, closures, aerosol overcaps, polyethylene and PET bottles and plastic squeeze tubes for food and beverage, retail mass, healthcare, personal care, and household chemical consumer-oriented end markets. Berry’s flexible packaging products comprises of mono layer and coextruded films; barrier films for cereal, cookie, cracker, and dry mix packages; lamination films for carpet padding; films used for solar panel construction; component and packaging films; printed products; and coated and laminated packaging products. Berry Plastics Group, Inc. is headquartered in Evansville, Indiana. “
Several other research analysts have also recently issued reports on BERY. Barclays PLC initiated coverage on Berry Plastics Group in a research report on Wednesday, June 15th. They issued an “overweight” rating and a $45.00 target price on the stock. Deutsche Bank AG reissued a “buy” rating on shares of Berry Plastics Group in a research report on Wednesday, June 15th. SunTrust Banks Inc. assumed coverage on Berry Plastics Group in a research note on Tuesday, July 12th. They issued a “neutral” rating and a $42.00 price objective on the stock. Citigroup Inc. raised their price objective on Berry Plastics Group from $45.00 to $47.00 and gave the stock a “buy” rating in a research note on Tuesday, July 19th. Finally, Royal Bank Of Canada raised their price objective on Berry Plastics Group from $44.00 to $47.00 and gave the stock an “outperform” rating in a research note on Thursday, August 11th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $48.38.
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Shares of Berry Plastics Group (NYSE:BERY) traded down 0.69% on Tuesday, hitting $43.22. The stock had a trading volume of 936,904 shares. Berry Plastics Group has a 52 week low of $27.79 and a 52 week high of $46.26. The firm has a 50-day moving average price of $44.52 and a 200-day moving average price of $40.04. The stock has a market capitalization of $5.26 billion, a P/E ratio of 25.85 and a beta of 1.08.
Berry Plastics Group (NYSE:BERY) last announced its earnings results on Tuesday, August 9th. The company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.21. The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Berry Plastics Group had a return on equity of 1,464.14% and a net margin of 3.41%. The business’s revenue for the quarter was up 32.6% on a year-over-year basis. During the same period last year, the firm posted $0.51 earnings per share. Equities analysts expect that Berry Plastics Group will post $2.34 earnings per share for the current fiscal year.
In other Berry Plastics Group news, President Curt Begle sold 16,143 shares of Berry Plastics Group stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $42.07, for a total value of $679,136.01. Following the sale, the president now owns 45,263 shares of the company’s stock, valued at approximately $1,904,214.41. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.70% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Newbrook Capital Advisors LP purchased a new stake in Berry Plastics Group during the first quarter worth about $76,125,000. Massachusetts Financial Services Co. MA boosted its position in shares of Berry Plastics Group by 100.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,764,447 shares of the company’s stock worth $107,399,000 after buying an additional 1,385,228 shares during the period. Boston Partners boosted its position in shares of Berry Plastics Group by 20.8% in the second quarter. Boston Partners now owns 7,068,663 shares of the company’s stock worth $274,617,000 after buying an additional 1,218,267 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Berry Plastics Group by 33.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,169,686 shares of the company’s stock worth $114,584,000 after buying an additional 789,332 shares during the period. Finally, Anchor Bolt Capital LP boosted its position in shares of Berry Plastics Group by 12.6% in the second quarter. Anchor Bolt Capital LP now owns 5,423,958 shares of the company’s stock worth $210,721,000 after buying an additional 605,040 shares during the period. 96.50% of the stock is currently owned by institutional investors and hedge funds.
About Berry Plastics Group
Berry Plastics Group, Inc is a provider of plastic consumer packaging and engineered materials. The Company offers a range of products, including specialty closures, prescription vials, specialty films, adhesives, corrosion protection materials, as well as drink cups, thin-wall containers and bottles.
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