Berry Global Group (BERY) Lowered to Hold at Zacks Investment Research

Berry Global Group (NYSE:BERY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.

According to Zacks, “Berry Global Group, Inc. is a manufacturer and marketer of value-added plastic consumer packaging and engineered materials. The Company’s products include engineered materials, non-woven specialty materials and consumer packaging. Berry Global Group, Inc., formerly known as Berry Plastics Group, Inc., is headquartered in Evansville, Indiana. “

BERY has been the topic of a number of other reports. BidaskClub cut shares of Berry Global Group from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. Robert W. Baird increased their price target on shares of Berry Global Group from $65.00 to $70.00 and gave the company an “outperform” rating in a research report on Friday, November 17th. Deutsche Bank increased their price target on shares of Berry Global Group from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, November 17th. SunTrust Banks increased their price target on shares of Berry Global Group to $69.00 and gave the company a “buy” rating in a research report on Tuesday, November 21st. Finally, Citigroup increased their price target on shares of Berry Global Group from $68.00 to $71.00 and gave the company a “buy” rating in a research report on Monday, November 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $68.25.

Shares of Berry Global Group (BERY) traded up $0.86 during midday trading on Thursday, reaching $54.33. 2,111,185 shares of the company’s stock were exchanged, compared to its average volume of 1,223,267. Berry Global Group has a twelve month low of $47.19 and a twelve month high of $61.71. The company has a debt-to-equity ratio of 4.69, a current ratio of 1.72 and a quick ratio of 1.10. The company has a market capitalization of $7,128.10, a PE ratio of 16.27, a P/E/G ratio of 0.76 and a beta of 0.99.

Berry Global Group (NYSE:BERY) last issued its quarterly earnings results on Wednesday, February 7th. The industrial products company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.02. Berry Global Group had a net margin of 6.13% and a return on equity of 47.10%. The business had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.79 billion. During the same period last year, the business earned $0.50 earnings per share. The business’s quarterly revenue was up 18.2% on a year-over-year basis. sell-side analysts forecast that Berry Global Group will post 3.73 earnings per share for the current year.

In other news, CFO Mark W. Miles sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $58.54, for a total value of $585,400.00. Following the transaction, the chief financial officer now owns 52,916 shares in the company, valued at $3,097,702.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.00% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Berry Global Group by 2.6% in the fourth quarter. BlackRock Inc. now owns 5,386,897 shares of the industrial products company’s stock valued at $316,046,000 after acquiring an additional 136,987 shares in the last quarter. Boston Partners boosted its holdings in Berry Global Group by 4.1% in the fourth quarter. Boston Partners now owns 4,089,152 shares of the industrial products company’s stock valued at $239,911,000 after acquiring an additional 160,491 shares in the last quarter. Atlantic Trust Group LLC boosted its holdings in Berry Global Group by 184.5% in the third quarter. Atlantic Trust Group LLC now owns 861,120 shares of the industrial products company’s stock valued at $48,784,000 after acquiring an additional 558,411 shares in the last quarter. Renaissance Group LLC bought a new stake in Berry Global Group in the fourth quarter valued at $27,153,000. Finally, Victory Capital Management Inc. boosted its holdings in Berry Global Group by 119.5% in the third quarter. Victory Capital Management Inc. now owns 322,350 shares of the industrial products company’s stock valued at $18,261,000 after acquiring an additional 175,522 shares in the last quarter. Institutional investors and hedge funds own 94.70% of the company’s stock.

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Berry Global Group Company Profile

Berry Global Group, Inc, formerly Berry Plastics Group, Inc, is a provider of value-added plastic consumer packaging, non-woven specialty materials and engineered materials. The Company offers products, such as closures, prescription vials, specialty films, adhesives, nonwovens, drink cups, containers and bottles.

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