Berry Plastics Group Inc. (BERY) Lowered to “Hold” at Zacks Investment Research
Berry Plastics Group Inc. (NYSE:BERY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued 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. “
A number of other equities research analysts have also weighed in on the company. JPMorgan Chase & Co. started coverage on Berry Plastics Group in a report on Tuesday, September 13th. They issued an “overweight” rating and a $54.00 price target on the stock. Deutsche Bank AG reissued a “buy” rating and issued a $56.00 price target (up previously from $52.00) on shares of Berry Plastics Group in a report on Monday, August 29th. Robert W. Baird raised their price target on Berry Plastics Group from $48.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, August 26th. BMO Capital Markets raised their price target on Berry Plastics Group from $37.00 to $43.00 and gave the stock a “market perform” rating in a report on Friday, August 26th. Finally, RBC Capital Markets reissued an “outperform” rating and issued a $47.00 price target (up previously from $44.00) on shares of Berry Plastics Group in a report on Saturday, August 13th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $48.38.
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Shares of Berry Plastics Group (NYSE:BERY) traded down 0.69% during trading on Tuesday, reaching $43.22. 936,904 shares of the company traded hands. The company has a market capitalization of $5.26 billion, a price-to-earnings ratio of 25.85 and a beta of 1.08. Berry Plastics Group has a 1-year low of $27.79 and a 1-year high of $46.26. The stock’s 50 day moving average is $44.52 and its 200 day moving average is $40.04.
Berry Plastics Group (NYSE:BERY) last posted its earnings results on Tuesday, August 9th. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.21. Berry Plastics Group had a return on equity of 1,464.14% and a net margin of 3.41%. The business earned $1.65 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm earned $0.51 earnings per share. The company’s revenue for the quarter was up 32.6% compared to the same quarter last year. On average, analysts forecast that Berry Plastics Group will post $2.34 EPS for the current year.
In other Berry Plastics Group news, President Curt Begle sold 16,143 shares of the business’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $40.25, for a total value of $649,755.75. Following the transaction, the president now owns 45,263 shares in the company, valued at $1,821,835.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.70% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Pacer Advisors Inc. purchased a new position in shares of Berry Plastics Group during the second quarter valued at about $121,000. Public Employees Retirement Association of Colorado purchased a new position in shares of Berry Plastics Group during the second quarter valued at about $151,000. Acrospire Investment Management LLC purchased a new position in shares of Berry Plastics Group during the first quarter valued at about $159,000. Westpac Banking Corp raised its position in shares of Berry Plastics Group by 95.4% in the second quarter. Westpac Banking Corp now owns 6,878 shares of the company’s stock valued at $199,000 after buying an additional 3,358 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC purchased a new position in shares of Berry Plastics Group during the second quarter valued at about $244,000. 96.50% of the stock is owned by institutional investors and hedge funds.
Berry Plastics Group Company Profile
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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