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

Berry Global Group (NYSE:BERY) 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

A number of research analysts have recently weighed in on the company. Royal Bank of Canada increased their price target on Berry Global Group from $73.00 to $78.00 and gave the company an “outperform” rating in a research note on Thursday, August 10th. Wells Fargo & Company lowered their price objective on shares of 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. Jefferies Financial Group lowered their price objective on shares of Berry Global Group from $86.00 to $83.00 and set a “buy” rating for the company in a research report on Wednesday, October 18th. Citigroup lowered their price objective on shares of 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, StockNews.com upgraded shares of Berry Global Group from a “hold” rating to a “buy” rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Berry Global Group presently has an average rating of “Moderate Buy” and an average target price of $71.85.

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.