Berry Global Group (NYSE:BERY) Announces Earnings Results, Beats Estimates By $0.14 EPS

Berry Global Group (NYSE:BERY) announced its earnings results on Thursday. The industrial products company reported $2.28 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.14, MarketWatch Earnings reports. Berry Global Group had a return on equity of 27.67% and a net margin of 5.05%. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter in the prior year, the firm earned $2.19 earnings per share. The business’s revenue was down 9.8% compared to the same quarter last year. Berry Global Group updated its FY24 guidance to $7.35-7.85 EPS and its FY 2024 guidance to $7.35-$7.85 EPS.

Berry Global Group Trading Up 0.3 %

Shares of Berry Global Group stock opened at $63.74 on Friday. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.12 and a current ratio of 1.87. The stock has a 50 day moving average of $58.94 and a 200 day moving average of $61.31. Berry Global Group has a fifty-two week low of $53.83 and a fifty-two week high of $68.01. The firm has a market capitalization of $7.53 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 0.77 and a beta of 1.20.

Berry Global Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.73%. This is a positive change from Berry Global Group’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, November 30th. Berry Global Group’s dividend payout ratio is presently 18.87%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BERY shares. Jefferies Financial Group reduced their target price on Berry Global Group from $86.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, October 18th. StockNews.com upgraded Berry Global Group from a “hold” rating to a “buy” rating in a research report on Friday. Royal Bank of Canada upped their price target on Berry Global Group from $73.00 to $78.00 and gave the company an “outperform” rating in a research report on Thursday, August 10th. Citigroup dropped their price target on Berry Global Group from $80.00 to $72.00 and set a “buy” rating for the company in a research report on Tuesday, October 10th. Finally, Wells Fargo & Company dropped their price target on Berry Global Group from $74.00 to $64.00 and set an “overweight” rating for the company in a research report on Thursday, October 19th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $71.85.

Insiders Place Their Bets

In other Berry Global Group news, Director Evan Bayh sold 14,000 shares of the company’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $54.57, for a total transaction of $763,980.00. Following the transaction, the director now directly owns 27,258 shares in the company, valued at $1,487,469.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.30% of the stock is owned by insiders.

Institutional Trading of Berry Global Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP grew its holdings in shares of Berry Global Group by 150.9% during the first quarter. Quarry LP now owns 537 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 323 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in shares of Berry Global Group during the first quarter worth about $38,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Berry Global Group by 101.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,095 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 551 shares during the last quarter. American International Group Inc. grew its holdings in shares of Berry Global Group by 19.6% during the second quarter. American International Group Inc. now owns 1,690 shares of the industrial products company’s stock worth $92,000 after purchasing an additional 277 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in shares of Berry Global Group during the second quarter worth about $94,000. 98.25% of the stock is currently owned by institutional investors and hedge funds.

About Berry Global Group

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments. The Consumer Packaging International segment offers closures and dispensing systems, pharmaceutical devices and packaging, bottles and canisters, containers, and technical components.