Berry Global Group (NYSE:BERY – Get Free Report) posted its quarterly earnings results on Thursday. The industrial products company reported $2.28 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.14, MarketWatch Earnings reports. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.14 billion. Berry Global Group had a return on equity of 27.67% and a net margin of 5.05%. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $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 Price Performance
NYSE:BERY 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’s 50-day simple moving average is $58.94 and its 200 day simple moving average is $61.31. The company 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 has a 52-week low of $53.83 and a 52-week high of $68.01.
Berry Global Group Increases Dividend
The business also recently announced 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. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.73%. This is an increase from Berry Global Group’s previous quarterly dividend of $0.25. Berry Global Group’s payout ratio is currently 18.87%.
Analyst Upgrades and Downgrades
Insider Activity at Berry Global Group
In related news, Director Evan Bayh sold 14,000 shares of Berry Global Group stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $54.57, for a total value of $763,980.00. Following the sale, the director now owns 27,258 shares of the company’s stock, valued at $1,487,469.06. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.30% of the stock is owned by company insiders.
Hedge Funds Weigh In On Berry Global Group
Hedge funds and other institutional investors have recently bought and sold shares of the business. Cetera Advisor Networks LLC bought a new position in Berry Global Group during the fourth quarter worth about $236,000. Cetera Investment Advisers bought a new position in Berry Global Group during the fourth quarter worth about $231,000. CIBC Asset Management Inc bought a new position in Berry Global Group during the second quarter worth about $217,000. Pathstone Family Office LLC bought a new position in Berry Global Group during the fourth quarter worth about $214,000. Finally, MetLife Investment Management LLC bought a new position in Berry Global Group during the first quarter worth about $156,000. Institutional investors own 98.25% of the company’s stock.
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.
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