Berry Plastics Group Inc. (BERY) Lowered to Sell at Zacks Investment Research
Berry Plastics Group Inc. (NYSE:BERY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.
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 research analysts also recently issued reports on BERY. Royal Bank Of Canada boosted their price target on shares of Berry Plastics Group from $44.00 to $47.00 and gave the stock an “outperform” rating in a research report on Thursday, August 11th. Citigroup Inc. boosted their price target on shares of Berry Plastics Group from $45.00 to $47.00 and gave the stock a “buy” rating in a research report on Tuesday, July 19th. RBC Capital Markets restated an “outperform” rating and issued a $47.00 price target (up previously from $44.00) on shares of Berry Plastics Group in a research report on Saturday, August 13th. JPMorgan Chase & Co. began coverage on shares of Berry Plastics Group in a research report on Tuesday, September 13th. They issued an “overweight” rating and a $54.00 price target on the stock. Finally, SunTrust Banks Inc. began coverage on shares of Berry Plastics Group in a research report on Tuesday, July 12th. They issued a “neutral” rating and a $42.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company. Berry Plastics Group currently has an average rating of “Buy” and a consensus price target of $48.64.
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Berry Plastics Group (NYSE:BERY) traded up 0.22% during midday trading on Monday, hitting $44.60. 908,130 shares of the company were exchanged. The stock has a market capitalization of $5.42 billion, a PE ratio of 26.67 and a beta of 1.08. The firm’s 50-day moving average price is $44.51 and its 200-day moving average price is $40.28. Berry Plastics Group has a one year low of $27.79 and a one year high of $46.26.
Berry Plastics Group (NYSE:BERY) last issued its quarterly earnings results on Tuesday, August 9th. The company reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.21. The firm had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.68 billion. Berry Plastics Group had a net margin of 3.41% and a return on equity of 1,464.14%. The company’s revenue for the quarter was up 32.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.51 EPS. Equities research analysts anticipate that Berry Plastics Group will post $2.34 earnings per share for the current year.
In other news, President Curt Begle sold 16,143 shares of Berry Plastics Group stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $42.07, for a total value of $679,136.01. Following the completion of the sale, the president now owns 45,263 shares in the company, valued at approximately $1,904,214.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.70% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors L.L.C. acquired a new stake in shares of Berry Plastics Group during the first quarter worth approximately $315,000. Ngam Advisors L.P. acquired a new stake in shares of Berry Plastics Group during the first quarter worth approximately $1,446,000. Prudential Financial Inc. raised its stake in shares of Berry Plastics Group by 120.7% in the first quarter. Prudential Financial Inc. now owns 18,537 shares of the company’s stock worth $670,000 after buying an additional 10,137 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Berry Plastics Group by 519.2% in the first quarter. JPMorgan Chase & Co. now owns 394,297 shares of the company’s stock worth $14,254,000 after buying an additional 330,615 shares during the period. Finally, State Street Corp raised its stake in shares of Berry Plastics Group by 1.0% in the first quarter. State Street Corp now owns 2,108,862 shares of the company’s stock worth $76,241,000 after buying an additional 19,904 shares during the period. Institutional investors and hedge funds own 96.55% 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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