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

Berry Global Group (NYSE:BERY) announced 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 the consensus estimate of $3.14 billion. Berry Global Group had a net margin of 5.05% and a return on equity of 27.67%. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter last year, the firm 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 Trading Up 0.2 %

Shares of BERY opened at $63.73 on Friday. The company’s fifty day moving average is $58.94 and its 200 day moving average is $61.31. Berry Global Group has a fifty-two week low of $53.83 and a fifty-two week high of $68.01. The stock has a market capitalization of $7.53 billion, a PE ratio of 12.03, a P/E/G ratio of 0.77 and a beta of 1.20. 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 Increases Dividend

The firm also recently declared 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%. The ex-dividend date of this dividend is Thursday, November 30th. This is a boost from Berry Global Group’s previous quarterly dividend of $0.25. Berry Global Group’s payout ratio is currently 18.87%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Jefferies Financial Group dropped their price objective on shares of Berry Global Group from $86.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, October 18th. Citigroup dropped their price objective on shares of Berry Global Group from $80.00 to $72.00 and set a “buy” rating on the stock in a report on Tuesday, October 10th. Wells Fargo & Company dropped their price objective on shares of Berry Global Group from $74.00 to $64.00 and set an “overweight” rating on the stock in a report on Thursday, October 19th. StockNews.com raised shares of Berry Global Group from a “hold” rating to a “buy” rating in a report on Friday. Finally, Royal Bank of Canada lifted their price target on shares of Berry Global Group from $73.00 to $78.00 and gave the company an “outperform” rating in a report on Thursday, August 10th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently 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 business’s stock in a transaction on Friday, October 27th. The shares were 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 in the company, valued at $1,487,469.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp boosted its stake in shares of Berry Global Group by 70.2% during the second 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 period. Norges Bank purchased a new stake in shares of Berry Global Group during the fourth quarter valued at $67,056,000. Marshall Wace LLP boosted its stake in shares of Berry Global Group by 1,301.8% during the fourth quarter. Marshall Wace LLP now owns 423,479 shares of the industrial products company’s stock valued at $25,591,000 after purchasing an additional 393,269 shares during the period. Point72 Asset Management L.P. boosted its stake in shares of Berry Global Group by 267.3% during the second quarter. Point72 Asset Management L.P. now owns 513,044 shares of the industrial products company’s stock valued at $33,009,000 after purchasing an additional 373,354 shares during the period. Finally, 1832 Asset Management L.P. purchased a new stake in shares of Berry Global Group during the first quarter valued at $19,082,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

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.