Berry Global Group (NYSE:BERY) Coverage Initiated by Analysts at UBS Group

UBS Group initiated coverage on shares of Berry Global Group (NYSE:BERY) in a research report report published on Thursday, Benzinga reports. The brokerage issued a buy rating and a $70.00 target price on the industrial products company’s stock.

BERY has been the subject of a number of other reports. BMO Capital Markets raised their price target on Berry Global Group from $52.00 to $60.00 and gave the stock an outperform rating in a research report on Monday, August 3rd. They noted that the move was a valuation call. Wells Fargo & Company lifted their target price on Berry Global Group from $56.00 to $64.00 in a research report on Monday, August 3rd. Robert W. Baird reiterated a buy rating and set a $60.00 target price on shares of Berry Global Group in a research report on Friday, June 12th. Bank of America lifted their target price on Berry Global Group from $55.00 to $58.00 and gave the stock a buy rating in a research report on Monday, August 3rd. Finally, ValuEngine downgraded Berry Global Group from a sell rating to a strong sell rating in a research report on Thursday, September 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of $58.47.

Shares of BERY opened at $49.24 on Thursday. The company has a market cap of $6.53 billion, a PE ratio of 11.81, a P/E/G ratio of 1.09 and a beta of 1.34. The business has a fifty day moving average of $52.60 and a 200 day moving average of $43.07. Berry Global Group has a 52-week low of $25.00 and a 52-week high of $54.98. The company has a quick ratio of 1.27, a current ratio of 1.93 and a debt-to-equity ratio of 5.72.

Berry Global Group (NYSE:BERY) last issued its quarterly earnings results on Friday, July 31st. The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.37. The company had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.98 billion. Berry Global Group had a return on equity of 32.39% and a net margin of 5.06%. Berry Global Group’s revenue was up 50.2% on a year-over-year basis. During the same period last year, the company earned $0.90 earnings per share. As a group, research analysts anticipate that Berry Global Group will post 4.51 earnings per share for the current fiscal year.

In other news, President Curt Begle sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $51.41, for a total transaction of $514,100.00. Following the completion of the transaction, the president now directly owns 10,000 shares of the company’s stock, valued at approximately $514,100. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Mark W. Miles sold 52,916 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $54.20, for a total value of $2,868,047.20. Following the transaction, the chief financial officer now directly owns 20,000 shares of the company’s stock, valued at $1,084,000. The disclosure for this sale can be found here. Insiders sold 96,916 shares of company stock valued at $5,214,487 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. Handelsbanken Fonder AB acquired a new position in shares of Berry Global Group during the 2nd quarter worth approximately $1,066,000. Nuveen Asset Management LLC increased its position in shares of Berry Global Group by 0.4% during the second quarter. Nuveen Asset Management LLC now owns 3,902,710 shares of the industrial products company’s stock worth $172,969,000 after purchasing an additional 16,394 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Berry Global Group by 0.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 697,646 shares of the industrial products company’s stock worth $30,920,000 after purchasing an additional 4,783 shares in the last quarter. Advisors Capital Management LLC increased its position in shares of Berry Global Group by 4.9% during the second quarter. Advisors Capital Management LLC now owns 143,052 shares of the industrial products company’s stock worth $6,340,000 after purchasing an additional 6,642 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Berry Global Group by 24.9% during the second quarter. AQR Capital Management LLC now owns 10,293 shares of the industrial products company’s stock worth $449,000 after purchasing an additional 2,050 shares in the last quarter. 99.41% of the stock is owned by institutional investors and hedge funds.

About Berry Global Group

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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Analyst Recommendations for Berry Global Group (NYSE:BERY)

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