Bank of New York Mellon Corp lowered its stake in Berry Global Group Inc (NYSE:BERY) by 21.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 464,460 shares of the industrial products company’s stock after selling 125,692 shares during the period. Bank of New York Mellon Corp owned 0.35% of Berry Global Group worth $21,337,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of BERY. Atria Investments LLC purchased a new position in shares of Berry Global Group in the second quarter worth $212,000. Koch Industries Inc. acquired a new stake in shares of Berry Global Group in the first quarter worth $233,000. IBM Retirement Fund acquired a new stake in shares of Berry Global Group in the first quarter worth $247,000. Strategic Global Advisors LLC acquired a new stake in shares of Berry Global Group in the first quarter worth $270,000. Finally, Quantitative Systematic Strategies LLC acquired a new stake in shares of Berry Global Group in the first quarter worth $278,000. 93.92% of the stock is owned by institutional investors and hedge funds.
BERY has been the topic of a number of research reports. KeyCorp reiterated a “hold” rating on shares of Berry Global Group in a research note on Friday, August 3rd. Zacks Investment Research upgraded shares of Berry Global Group from a “sell” rating to a “hold” rating in a research note on Friday, June 15th. ValuEngine upgraded shares of Berry Global Group from a “strong sell” rating to a “sell” rating in a research note on Thursday. Finally, Cfra reiterated a “buy” rating and issued a $57.00 price objective on shares of Berry Global Group in a research note on Thursday, September 6th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the stock. Berry Global Group presently has a consensus rating of “Buy” and an average price target of $65.75.
BERY stock opened at $49.94 on Friday. The firm has a market cap of $6.41 billion, a P/E ratio of 16.27, a PEG ratio of 0.72 and a beta of 1.05. The company has a current ratio of 2.01, a quick ratio of 1.19 and a debt-to-equity ratio of 4.41. Berry Global Group Inc has a one year low of $45.24 and a one year high of $61.71.
Berry Global Group (NYSE:BERY) last released its quarterly earnings results on Friday, August 3rd. The industrial products company reported $0.96 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.05 by ($0.09). The firm had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.06 billion. Berry Global Group had a net margin of 6.15% and a return on equity of 35.88%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.93 EPS. research analysts predict that Berry Global Group Inc will post 3.36 earnings per share for the current year.
About Berry Global Group
Berry Global Group, Inc manufactures and distributes engineered materials, nonwoven specialty materials, and consumer packaging products. The company operates through three segments: Engineered Materials; Health, Hygiene & Specialties; and Consumer Packaging. It offers engineered materials, including stretch and shrink films, and converter films; trash-can liners and food bags; cloth and foil, splicing and laminating, flame-retardant, vinyl-coated and carton sealing, electrical, double-faced cloth, masking, mounting, OEM, and medical and specialty tapes; and food and consumer films, retail bags, and polyvinyl chloride films.
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