Goldentree Asset Management LP Invests $24.29 Million in Berry Global Group, Inc. (NYSE:BERY)

Goldentree Asset Management LP acquired a new stake in shares of Berry Global Group, Inc. (NYSE:BERY) during the 3rd quarter, Holdings Channel reports. The fund acquired 358,207 shares of the industrial products company’s stock, valued at approximately $24,288,000. Berry Global Group accounts for 1.9% of Goldentree Asset Management LP’s portfolio, making the stock its 18th largest holding.

A number of other large investors also recently modified their holdings of BERY. Altshuler Shaham Ltd purchased a new position in shares of Berry Global Group in the second quarter valued at about $27,000. Quest Partners LLC lifted its holdings in Berry Global Group by 54,800.0% in the 2nd quarter. Quest Partners LLC now owns 549 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 548 shares in the last quarter. LRI Investments LLC boosted its stake in Berry Global Group by 1,309.1% in the 2nd quarter. LRI Investments LLC now owns 620 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 576 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in Berry Global Group during the 2nd quarter valued at approximately $42,000. Finally, American Capital Advisory LLC bought a new stake in shares of Berry Global Group during the second quarter valued at approximately $44,000. Hedge funds and other institutional investors own 95.36% of the company’s stock.

Berry Global Group Stock Up 1.2 %

NYSE BERY opened at $71.57 on Friday. The company has a quick ratio of 0.26, a current ratio of 1.25 and a debt-to-equity ratio of 2.08. Berry Global Group, Inc. has a 52 week low of $54.06 and a 52 week high of $73.31. The firm has a market capitalization of $8.24 billion, a price-to-earnings ratio of 16.30, a PEG ratio of 1.43 and a beta of 1.14. The company has a fifty day moving average of $68.51 and a two-hundred day moving average of $64.70.

Berry Global Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Berry Global Group’s previous quarterly dividend of $0.28. Berry Global Group’s payout ratio is 25.06%.

Wall Street Analyst Weigh In

BERY has been the subject of a number of research reports. StockNews.com upgraded shares of Berry Global Group from a “hold” rating to a “buy” rating in a research report on Monday. Citigroup reissued a “neutral” rating and set a $76.00 price objective on shares of Berry Global Group in a report on Monday. UBS Group cut Berry Global Group from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $82.00 to $75.00 in a report on Friday, November 22nd. Barclays increased their price target on Berry Global Group from $64.00 to $75.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $76.00 price objective (up previously from $70.00) on shares of Berry Global Group in a research note on Monday. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $73.73.

Insider Activity

In related news, Director Evan Bayh sold 14,000 shares of Berry Global Group stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total transaction of $981,820.00. Following the completion of the sale, the director now owns 30,228 shares in the company, valued at $2,119,889.64. This trade represents a 31.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 4.00% of the company’s stock.

Berry Global Group Company Profile

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets in the United States, Canada, Europe, and internationally. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments.