Barclays Cuts Berry Global Group (BERY) Price Target to $70.00

Berry Global Group (NYSE:BERY) had its target price decreased by research analysts at Barclays from $71.00 to $70.00 in a research note issued on Monday. The brokerage currently has an “overweight” rating on the industrial products company’s stock. Barclays’ price target would suggest a potential upside of 27.64% from the stock’s current price.

Other analysts have also issued reports about the company. Zacks Investment Research raised Berry Global Group from a “hold” rating to a “buy” rating and set a $66.00 price objective on the stock in a report on Wednesday, January 31st. BidaskClub lowered Berry Global Group from a “hold” rating to a “sell” rating in a report on Tuesday, November 14th. Bank of America raised their price objective on Berry Global Group from $73.00 to $74.00 and gave the company a “buy” rating in a report on Thursday. BMO Capital Markets raised Berry Global Group from a “market perform” rating to an “outperform” rating in a report on Wednesday, January 24th. Finally, Royal Bank of Canada raised their price objective on Berry Global Group from $65.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, November 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $68.17.

Berry Global Group (NYSE:BERY) traded up $0.51 during trading on Monday, reaching $54.84. The company had a trading volume of 1,388,719 shares, compared to its average volume of 1,164,589. The company has a debt-to-equity ratio of 4.69, a quick ratio of 0.96 and a current ratio of 1.72. Berry Global Group has a 12-month low of $47.19 and a 12-month high of $61.71. The firm has a market capitalization of $7,120.00, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 0.73 and a beta of 0.99.

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

In other news, CFO Mark W. Miles sold 10,000 shares of Berry Global Group stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $58.54, for a total value of $585,400.00. Following the sale, the chief financial officer now directly owns 52,916 shares of the company’s stock, valued at $3,097,702.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.00% of the company’s stock.

A number of institutional investors have recently made changes to their positions in BERY. Raymond James Financial Services Advisors Inc. lifted its position in Berry Global Group by 17.1% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 9,701 shares of the industrial products company’s stock worth $553,000 after buying an additional 1,415 shares in the last quarter. Nomura Holdings Inc. lifted its position in Berry Global Group by 154.3% during the second quarter. Nomura Holdings Inc. now owns 19,069 shares of the industrial products company’s stock worth $1,090,000 after buying an additional 11,569 shares in the last quarter. Quotient Investors LLC lifted its position in Berry Global Group by 4.7% during the third quarter. Quotient Investors LLC now owns 22,100 shares of the industrial products company’s stock worth $1,252,000 after buying an additional 1,000 shares in the last quarter. Tributary Capital Management LLC lifted its position in Berry Global Group by 99.1% during the third quarter. Tributary Capital Management LLC now owns 22,300 shares of the industrial products company’s stock worth $1,263,000 after buying an additional 11,100 shares in the last quarter. Finally, Oakbrook Investments LLC purchased a new position in Berry Global Group during the third quarter worth approximately $246,000. Hedge funds and other institutional investors own 94.22% of the company’s stock.

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About Berry Global Group

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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