Securian Asset Management Inc. Trims Stake in Berry Global Group, Inc. (NYSE:BERY)

Securian Asset Management Inc. reduced its holdings in shares of Berry Global Group, Inc. (NYSE:BERY) by 2.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,663 shares of the industrial products company’s stock after selling 248 shares during the period. Securian Asset Management Inc.’s holdings in Berry Global Group were worth $560,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BERY. FMR LLC increased its holdings in Berry Global Group by 38.4% during the third quarter. FMR LLC now owns 3,807,317 shares of the industrial products company’s stock valued at $258,821,000 after buying an additional 1,055,756 shares during the last quarter. Alpine Associates Management Inc. purchased a new stake in Berry Global Group during the fourth quarter valued at approximately $38,323,000. Calamos Advisors LLC purchased a new stake in Berry Global Group during the fourth quarter valued at approximately $35,568,000. State Street Corp increased its holdings in Berry Global Group by 10.4% during the third quarter. State Street Corp now owns 3,831,824 shares of the industrial products company’s stock valued at $260,487,000 after buying an additional 360,857 shares during the last quarter. Finally, Goldentree Asset Management LP purchased a new stake in Berry Global Group during the third quarter valued at approximately $24,288,000. 95.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Barclays increased their price objective on shares of Berry Global Group from $64.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $76.00 price objective (up from $70.00) on shares of Berry Global Group in a research note on Monday, November 25th. Truist Financial increased their price objective 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. StockNews.com assumed coverage on shares of Berry Global Group in a research note on Monday. They issued a “buy” rating for the company. Finally, UBS Group increased their price objective on shares of Berry Global Group from $72.00 to $73.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $74.56.

Berry Global Group Price Performance

BERY stock opened at $70.10 on Monday. Berry Global Group, Inc. has a 52 week low of $55.24 and a 52 week high of $74.24. The company has a quick ratio of 1.09, a current ratio of 1.61 and a debt-to-equity ratio of 3.35. The company has a fifty day simple moving average of $69.55 and a two-hundred day simple moving average of $68.48. The firm has a market capitalization of $8.12 billion, a P/E ratio of 17.48, a price-to-earnings-growth ratio of 1.54 and a beta of 1.13.

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

Berry Global Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.31 dividend. The ex-dividend date is Monday, March 3rd. This represents a $1.24 annualized dividend and a dividend yield of 1.77%. Berry Global Group’s dividend payout ratio (DPR) is presently 30.92%.

About Berry Global Group

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.