Berry Global Group (NYSE:BERY) Hits New 52-Week High – Here’s Why

Berry Global Group, Inc. (NYSE:BERY) hit a new 52-week high during trading on Tuesday . The stock traded as high as $73.75 and last traded at $71.76, with a volume of 3685095 shares. The stock had previously closed at $72.17.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Truist Financial lifted their target price on shares of Berry Global Group from $74.00 to $76.00 and gave the stock a “hold” rating in a research note on Monday, February 10th. Royal Bank of Canada boosted their price objective on shares of Berry Global Group from $69.00 to $73.00 and gave the company a “sector perform” rating in a research report on Thursday, November 21st. StockNews.com began coverage on shares of Berry Global Group in a research report on Saturday, March 1st. They set a “buy” rating on the stock. Barclays boosted their price objective on shares of Berry Global Group from $64.00 to $75.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 27th. Finally, Citigroup reissued a “neutral” rating and set a $76.00 price objective on shares of Berry Global Group in a research report on Monday, November 25th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $74.56.

Berry Global Group Trading Up 1.2 %

The company has a market cap of $8.28 billion, a P/E ratio of 17.83, a PEG ratio of 1.54 and a beta of 1.15. The stock’s 50 day moving average is $68.49 and its 200-day moving average is $68.19. The company has a current ratio of 1.61, a quick ratio of 1.09 and a debt-to-equity ratio of 3.35.

Berry Global Group (NYSE:BERY) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. The firm had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.35 billion. Berry Global Group had a net margin of 3.99% and a return on equity of 28.26%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.22 EPS. Research analysts anticipate that Berry Global Group, Inc. will post 6.25 earnings per share for the current fiscal year.

Berry Global Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Monday, March 3rd. Berry Global Group’s payout ratio is presently 30.92%.

Institutional Trading of Berry Global Group

A number of institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its stake in shares of Berry Global Group by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,982,517 shares of the industrial products company’s stock worth $134,806,000 after purchasing an additional 27,437 shares during the period. Sound Income Strategies LLC lifted its stake in shares of Berry Global Group by 13.4% in the 4th quarter. Sound Income Strategies LLC now owns 72,914 shares of the industrial products company’s stock worth $4,715,000 after purchasing an additional 8,622 shares during the period. Hancock Whitney Corp bought a new position in shares of Berry Global Group in the 3rd quarter worth approximately $1,065,000. Integrated Investment Consultants LLC bought a new position in shares of Berry Global Group in the 3rd quarter worth approximately $714,000. Finally, Barclays PLC lifted its stake in shares of Berry Global Group by 87.1% in the 3rd quarter. Barclays PLC now owns 101,956 shares of the industrial products company’s stock worth $6,931,000 after purchasing an additional 47,476 shares during the period. Hedge funds and other institutional investors own 95.36% 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.