Berry Global Group (NYSE:BERY – Get Free Report) 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%.
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.
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