Berry Global Group (NYSE:BERY) Cut to Neutral at UBS Group

UBS Group downgraded shares of Berry Global Group (NYSE:BERY) from a buy rating to a neutral rating in a research report released on Friday morning, MarketBeat.com reports. The firm currently has $75.00 target price on the industrial products company’s stock, down from their prior target price of $82.00.

Other equities analysts have also issued reports about the company. StockNews.com upgraded Berry Global Group from a “hold” rating to a “buy” rating in a research report on Friday, November 15th. Morgan Stanley began coverage on Berry Global Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 price target on the stock. Royal Bank of Canada raised their price target on Berry Global Group from $69.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Thursday. Finally, Truist Financial restated a “hold” rating and set a $72.00 price target (down from $74.00) on shares of Berry Global Group in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, Berry Global Group has a consensus rating of “Hold” and a consensus price target of $72.00.

Berry Global Group Price Performance

Shares of Berry Global Group stock opened at $71.69 on Friday. The company has a current ratio of 1.82, a quick ratio of 1.08 and a debt-to-equity ratio of 2.57. The firm has a market capitalization of $8.22 billion, a PE ratio of 16.33, a price-to-earnings-growth ratio of 1.09 and a beta of 1.14. The business’s 50-day moving average price is $68.09 and its 200-day moving average price is $64.32. Berry Global Group has a 12 month low of $54.06 and a 12 month high of $72.50.

Berry Global Group Increases Dividend

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

Insider Activity

In related news, Director Evan Bayh sold 14,000 shares of Berry Global Group stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $70.13, for a total transaction of $981,820.00. Following the sale, the director now directly owns 30,228 shares in the company, valued at $2,119,889.64. The trade was a 31.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On Berry Global Group

Several hedge funds have recently made changes to their positions in BERY. Russell Investments Group Ltd. boosted its position in shares of Berry Global Group by 33.8% during the first quarter. Russell Investments Group Ltd. now owns 37,552 shares of the industrial products company’s stock valued at $2,271,000 after purchasing an additional 9,483 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Berry Global Group by 39.9% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 19,172 shares of the industrial products company’s stock worth $1,162,000 after acquiring an additional 5,466 shares in the last quarter. Quadrature Capital Ltd boosted its holdings in Berry Global Group by 11.8% in the first quarter. Quadrature Capital Ltd now owns 8,285 shares of the industrial products company’s stock worth $501,000 after acquiring an additional 872 shares in the last quarter. LRI Investments LLC bought a new stake in Berry Global Group in the first quarter worth $38,000. Finally, BOKF NA boosted its holdings in Berry Global Group by 26.3% in the first quarter. BOKF NA now owns 79,330 shares of the industrial products company’s stock worth $4,809,000 after acquiring an additional 16,497 shares in the last quarter. 95.36% of the stock is currently owned by institutional investors.

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.