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

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

Shares of BERY stock opened at $63.74 on Friday. The firm’s 50 day moving average price is $58.94 and its 200-day moving average price is $61.31. The company has a debt-to-equity ratio of 2.72, a quick ratio of 1.12 and a current ratio of 1.87. Berry Global Group has a one year low of $53.83 and a one year high of $68.01. The firm has a market cap of $7.53 billion, a P/E ratio of 12.03, a P/E/G ratio of 0.77 and a beta of 1.20.

Berry Global Group Increases Dividend

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

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, Director Evan Bayh sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $54.57, for a total transaction of $763,980.00. Following the sale, the director now directly owns 27,258 shares of the company’s stock, valued at approximately $1,487,469.06. The sale was disclosed in a legal filing with the SEC, which is available through this link. 3.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Berry Global Group

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in shares of Berry Global Group by 1.5% in the 1st quarter. BlackRock Inc. now owns 5,416,478 shares of the industrial products company’s stock valued at $319,031,000 after purchasing an additional 80,808 shares during the last quarter. State Street Corp increased its position in shares of Berry Global Group by 70.2% in the 2nd quarter. State Street Corp now owns 3,423,592 shares of the industrial products company’s stock valued at $220,274,000 after purchasing an additional 1,412,532 shares during the last quarter. Macquarie Group Ltd. increased its position in shares of Berry Global Group by 0.4% in the 2nd quarter. Macquarie Group Ltd. now owns 2,667,381 shares of the industrial products company’s stock valued at $145,746,000 after purchasing an additional 10,548 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Berry Global Group by 3.1% in the 2nd quarter. Alliancebernstein L.P. now owns 1,958,327 shares of the industrial products company’s stock valued at $125,999,000 after purchasing an additional 58,583 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Berry Global Group by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,798,865 shares of the industrial products company’s stock valued at $104,268,000 after purchasing an additional 49,561 shares during the last quarter. 98.25% of the stock is owned by hedge funds and other institutional investors.

Berry Global Group Company Profile

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.