Berry Global Group (NYSE:BERY) Cut to Neutral at Bank of America

Berry Global Group (NYSE:BERY) was downgraded by research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, The Fly reports.

A number of other research firms also recently commented on BERY. Morgan Stanley set a $60.00 price objective on shares of Berry Global Group and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Zacks Investment Research upgraded shares of Flagstar Bancorp from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a research note on Monday. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Berry Global Group has an average rating of “Hold” and an average target price of $60.60.

Shares of NYSE BERY opened at $54.16 on Friday. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of 16.07, a PEG ratio of 1.52 and a beta of 1.20. The company has a debt-to-equity ratio of 3.72, a quick ratio of 1.19 and a current ratio of 2.01. Berry Global Group has a 1-year low of $40.50 and a 1-year high of $59.16. The business has a fifty day moving average of $50.61.

Berry Global Group (NYSE:BERY) last announced its earnings results on Thursday, May 2nd. The industrial products company reported $0.84 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.98 by ($0.14). The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $2.04 billion. Berry Global Group had a return on equity of 32.42% and a net margin of 5.03%. Berry Global Group’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.84 earnings per share. Analysts expect that Berry Global Group will post 3.54 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of the company. Mark Sheptoff Financial Planning LLC raised its holdings in shares of Berry Global Group by 66.7% in the 1st quarter. Mark Sheptoff Financial Planning LLC now owns 500 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 200 shares during the period. First Interstate Bank raised its holdings in shares of Berry Global Group by 29.6% in the 1st quarter. First Interstate Bank now owns 1,509 shares of the industrial products company’s stock valued at $81,000 after purchasing an additional 345 shares during the period. Ingalls & Snyder LLC raised its holdings in shares of Berry Global Group by 3.4% in the 2nd quarter. Ingalls & Snyder LLC now owns 13,845 shares of the industrial products company’s stock valued at $728,000 after purchasing an additional 450 shares during the period. SG Americas Securities LLC raised its holdings in shares of Berry Global Group by 21.6% in the 1st quarter. SG Americas Securities LLC now owns 2,774 shares of the industrial products company’s stock valued at $149,000 after purchasing an additional 492 shares during the period. Finally, Icon Wealth Partners LLC bought a new stake in shares of Berry Global Group in the 1st quarter valued at about $27,000. 95.49% of the stock is currently owned by institutional investors.

Berry Global Group Company Profile

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products. The company operates through three segments: Engineered Materials; Health, Hygiene & Specialties; and Consumer Packaging. The Engineered Materials segment 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, flashing and seaming tapes, 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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The Fly

Analyst Recommendations for Berry Global Group (NYSE:BERY)

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