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

Berry Global Group (NYSE:BERY) posted its earnings results on Thursday. The industrial products company reported $2.28 EPS for the quarter, topping 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 revenue for the quarter was down 9.8% on a year-over-year basis. During the same period in the previous year, the business earned $2.19 earnings per share. 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 %

BERY opened at $63.74 on Friday. The stock has a market cap of $7.53 billion, a price-to-earnings ratio of 12.03, a P/E/G ratio of 0.77 and a beta of 1.20. The stock’s 50 day moving average price is $58.94 and its 200-day moving average price is $61.31. Berry Global Group has a one year low of $53.83 and a one year high of $68.01. 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 announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.275 per share. This is a boost from Berry Global Group’s previous quarterly dividend of $0.25. The ex-dividend date is Thursday, November 30th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.73%. Berry Global Group’s dividend payout ratio is currently 18.87%.

Insider Activity

In related news, Director Evan Bayh sold 14,000 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $54.57, for a total value of $763,980.00. Following the transaction, the director now owns 27,258 shares of the company’s stock, valued at $1,487,469.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP grew its stake in Berry Global Group by 150.9% in 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 in the last quarter. Brown Brothers Harriman & Co. bought a new stake in Berry Global Group during the 1st quarter valued at $38,000. Northwestern Mutual Wealth Management Co. boosted its position in Berry Global Group by 101.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,095 shares of the industrial products company’s stock valued at $66,000 after acquiring an additional 551 shares in the last quarter. American International Group Inc. boosted its position in Berry Global Group by 19.6% during the 2nd quarter. American International Group Inc. now owns 1,690 shares of the industrial products company’s stock valued at $92,000 after acquiring an additional 277 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in Berry Global Group during the 2nd quarter valued at $94,000. Institutional investors own 98.25% of the company’s stock.

Analyst Ratings Changes

BERY has been the topic of a number of research analyst reports. Wells Fargo & Company decreased their target price on Berry Global Group from $74.00 to $64.00 and set an “overweight” rating on the stock in a research report on Thursday, October 19th. Royal Bank of Canada boosted their target price on Berry Global Group from $73.00 to $78.00 and gave the stock an “outperform” rating in a research report on Thursday, August 10th. StockNews.com upgraded Berry Global Group from a “hold” rating to a “buy” rating in a research report on Friday. Citigroup decreased their price objective on 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, 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 research report on Wednesday, October 18th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $71.85.

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.