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

Berry Global Group (NYSE:BERY) issued its earnings results on Thursday. The industrial products company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.14 by $0.14, MarketWatch Earnings reports. The company had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.14 billion. Berry Global Group had a return on equity of 27.67% and a net margin of 5.05%. The business’s revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $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 Stock Performance

Shares of NYSE BERY opened at $63.74 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.87 and a debt-to-equity ratio of 2.72. The stock has a market capitalization of $7.53 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 0.77 and a beta of 1.20. The stock’s fifty day simple moving average is $58.94 and its 200 day simple moving average is $61.31. 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 issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.73%. This is a boost from Berry Global Group’s previous quarterly dividend of $0.25. The ex-dividend date is Thursday, November 30th. Berry Global Group’s payout ratio is presently 18.87%.

Analysts Set New Price Targets

BERY has been the subject of several research reports. Royal Bank of Canada lifted 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. Wells Fargo & Company cut their price target on 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 Berry Global Group from a “hold” rating to a “buy” rating in a report on Friday. Citigroup cut their price target on Berry Global Group from $80.00 to $72.00 and set a “buy” rating on the stock in a report on Tuesday, October 10th. Finally, Jefferies Financial Group cut their price target on Berry Global Group from $86.00 to $83.00 and set a “buy” rating on the stock in a report on Wednesday, October 18th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $71.85.

Insider Buying and Selling

In related news, Director Evan Bayh sold 14,000 shares of Berry Global Group stock in a transaction 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 directly owns 27,258 shares in the company, valued at approximately $1,487,469.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. grew its holdings in shares of Berry Global Group by 1.5% during the first quarter. BlackRock Inc. now owns 5,416,478 shares of the industrial products company’s stock valued at $319,031,000 after buying an additional 80,808 shares in the last quarter. State Street Corp boosted its position in 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 last quarter. Macquarie Group Ltd. boosted its position in Berry Global Group by 0.4% during the second quarter. Macquarie Group Ltd. now owns 2,667,381 shares of the industrial products company’s stock valued at $145,746,000 after purchasing an additional 10,548 shares during the last quarter. Alliancebernstein L.P. boosted its position in Berry Global Group by 3.1% during the second quarter. Alliancebernstein L.P. now owns 1,958,327 shares of the industrial products company’s stock valued at $125,999,000 after purchasing an additional 58,583 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Berry Global Group by 2.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,798,865 shares of the industrial products company’s stock valued at $104,268,000 after purchasing an additional 49,561 shares during the last quarter. Hedge funds and other 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.