Berry Global Group (BERY) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Berry Global Group (NYSE:BERY) from a hold rating to a sell rating in a report published on Thursday morning.

According to Zacks, “Berry Global Group, Inc. is a manufacturer and marketer of value-added plastic consumer packaging and engineered materials. The Company’s products include engineered materials, non-woven specialty materials and consumer packaging. Berry Global Group, Inc., formerly known as Berry Plastics Group, Inc., is headquartered in Evansville, Indiana. “

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Several other research firms also recently commented on BERY. Bank of America boosted their target price on shares of Berry Global Group from $73.00 to $74.00 and gave the stock a buy rating in a report on Thursday, February 8th. Barclays lowered their target price on shares of Berry Global Group from $71.00 to $70.00 and set an overweight rating on the stock in a report on Monday, February 12th. Citigroup lowered their target price on shares of Berry Global Group from $71.00 to $66.00 and set a buy rating on the stock in a report on Thursday, April 5th. BMO Capital Markets raised shares of Berry Global Group from a market perform rating to an outperform rating in a report on Wednesday, January 24th. Finally, Vertical Research started coverage on shares of Berry Global Group in a report on Thursday, April 12th. They issued a buy rating on the stock. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $67.58.

Shares of BERY traded up $0.20 during mid-day trading on Thursday, reaching $56.64. The stock had a trading volume of 112,158 shares, compared to its average volume of 1,084,470. The firm has a market cap of $7,460.03, a P/E ratio of 17.44, a PEG ratio of 0.75 and a beta of 1.05. Berry Global Group has a 12 month low of $48.73 and a 12 month high of $61.71. The company has a debt-to-equity ratio of 4.69, a current ratio of 1.72 and a quick ratio of 0.96.

Berry Global Group (NYSE:BERY) last posted its quarterly earnings results on Wednesday, February 7th. The industrial products company reported $0.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.02. Berry Global Group had a net margin of 6.13% and a return on equity of 47.10%. The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same period in the prior year, the business posted $0.50 earnings per share. The company’s revenue was up 18.2% on a year-over-year basis. equities analysts anticipate that Berry Global Group will post 3.78 earnings per share for the current year.

In other Berry Global Group news, Director Paula A. Sneed purchased 1,000 shares of the firm’s stock in a transaction that occurred on Monday, March 5th. The shares were bought at an average price of $53.63 per share, with a total value of $53,630.00. Following the completion of the purchase, the director now directly owns 1,050 shares in the company, valued at $56,311.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.00% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. TIAA CREF Investment Management LLC raised its stake in Berry Global Group by 3.7% during the fourth quarter. TIAA CREF Investment Management LLC now owns 5,857,695 shares of the industrial products company’s stock valued at $343,671,000 after purchasing an additional 210,107 shares in the last quarter. BlackRock Inc. raised its stake in shares of Berry Global Group by 2.6% in the fourth quarter. BlackRock Inc. now owns 5,386,897 shares of the industrial products company’s stock valued at $316,046,000 after acquiring an additional 136,987 shares during the period. Boston Partners raised its stake in shares of Berry Global Group by 4.1% in the fourth quarter. Boston Partners now owns 4,089,152 shares of the industrial products company’s stock valued at $239,911,000 after acquiring an additional 160,491 shares during the period. Luminus Management LLC raised its stake in shares of Berry Global Group by 54.9% in the fourth quarter. Luminus Management LLC now owns 3,815,703 shares of the industrial products company’s stock valued at $223,867,000 after acquiring an additional 1,352,044 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Berry Global Group by 2.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,827,715 shares of the industrial products company’s stock valued at $165,902,000 after acquiring an additional 55,228 shares during the period. 94.81% of the stock is currently owned by institutional investors.

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Berry Global Group Company Profile

Berry Global Group, Inc manufactures and distributes engineered materials, nonwoven specialty materials, and consumer packaging products. The company operates through three segments: Engineered Materials; Health, Hygiene & Specialties; and Consumer Packaging. It offers engineered materials, including stretch and shrink films, and converter films; trash-can liners and food bags; cloth and foil, splicing and laminating, flame-retardant, vinyl-coated and carton sealing, electrical, double-faced cloth, masking, mounting, OEM, and medical and specialty tapes; and food and consumer films, retail bags, and polyvinyl chloride films.

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