Jefferies Group Begins Coverage on Berry Plastics Group Inc. (BERY)
Jefferies Group began coverage on shares of Berry Plastics Group Inc. (NYSE:BERY) in a research report issued on Thursday. The brokerage set a “buy” rating on the stock.
BERY has been the topic of several other research reports. Zacks Investment Research downgraded Berry Plastics Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. 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. BMO Capital Markets raised their price objective on Berry Plastics Group from $37.00 to $43.00 and gave the stock a “market perform” rating in a research note on Friday, August 26th. Credit Suisse Group AG raised their price objective on Berry Plastics Group from $48.00 to $52.00 and gave the stock an “outperform” rating in a research note on Friday, August 12th. Finally, Barclays PLC assumed coverage on Berry Plastics Group in a research note on Wednesday, June 15th. They issued an “overweight” rating and a $45.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $48.38.
Shares of Berry Plastics Group (NYSE:BERY) opened at 44.12 on Thursday. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of 26.39 and a beta of 1.08. 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 $40.07.
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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. On average, analysts forecast that Berry Plastics Group will post $2.34 EPS 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.
Several institutional investors have recently made changes to their positions in the company. First National Bank of Omaha bought a new position in shares of Berry Plastics Group during the third quarter worth approximately $3,810,000. BNP Paribas Arbitrage SA boosted its position in shares of Berry Plastics Group by 72.1% in the third quarter. BNP Paribas Arbitrage SA now owns 228,647 shares of the company’s stock worth $10,026,000 after buying an additional 95,823 shares during the period. Harbour Capital Advisors LLC bought a new position in shares of Berry Plastics Group during the second quarter worth approximately $854,000. Royal Bank of Canada boosted its position in shares of Berry Plastics Group by 18.2% in the second quarter. Royal Bank of Canada now owns 842,136 shares of the company’s stock worth $32,718,000 after buying an additional 129,793 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Berry Plastics Group by 1,188.5% in the second quarter. Public Employees Retirement System of Ohio now owns 52,880 shares of the company’s stock worth $2,054,000 after buying an additional 48,776 shares during the period. Hedge funds and other institutional investors own 96.50% of the company’s stock.
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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