Prudential Financial Inc. lowered its stake in shares of Berry Global Group Inc (NYSE:BERY) by 15.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,350 shares of the industrial products company’s stock after selling 1,490 shares during the quarter. Prudential Financial Inc.’s holdings in Berry Global Group were worth $370,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in BERY. Acadian Asset Management LLC acquired a new position in Berry Global Group in the first quarter worth $28,000. Evoke Wealth LLC acquired a new position in Berry Global Group in the second quarter worth $42,000. C M Bidwell & Associates Ltd. bought a new stake in Berry Global Group in the first quarter valued at $94,000. Cerebellum GP LLC bought a new stake in Berry Global Group in the second quarter valued at $123,000. Finally, Psagot Investment House Ltd. bought a new stake in Berry Global Group in the second quarter valued at $190,000. 99.41% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on BERY shares. Wells Fargo & Company raised their target price on Berry Global Group from $56.00 to $64.00 in a research note on Monday, August 3rd. Citigroup raised their target price on Berry Global Group from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. JPMorgan Chase & Co. raised their target price on Berry Global Group from $59.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, August 21st. Bank of America raised their target price on Berry Global Group from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Finally, TheStreet upgraded Berry Global Group from a “c+” rating to a “b-” rating in a research note on Monday, July 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $57.64.
In other Berry Global Group news, President Curt Begle sold 10,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $51.41, for a total value of $514,100.00. Following the sale, the president now directly owns 10,000 shares in the company, valued at $514,100. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Carl J. Rickertsen sold 14,000 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $54.21, for a total transaction of $758,940.00. Following the completion of the sale, the director now owns 14,000 shares in the company, valued at $758,940. The disclosure for this sale can be found here. Over the last quarter, insiders sold 96,916 shares of company stock worth $5,214,487. 2.00% of the stock is owned by company insiders.
Shares of NYSE BERY opened at $51.16 on Thursday. Berry Global Group Inc has a fifty-two week low of $25.00 and a fifty-two week high of $54.98. The firm’s 50-day simple moving average is $52.46 and its 200 day simple moving average is $42.99. The company has a quick ratio of 1.27, a current ratio of 1.93 and a debt-to-equity ratio of 5.72. The stock has a market cap of $6.78 billion, a P/E ratio of 11.60, a P/E/G ratio of 1.17 and a beta of 1.34.
Berry Global Group (NYSE:BERY) last issued its quarterly earnings results on Friday, July 31st. The industrial products company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.15 by $0.37. Berry Global Group had a net margin of 5.06% and a return on equity of 32.39%. The firm had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.98 billion. During the same period in the previous year, the business earned $0.90 earnings per share. Berry Global Group’s revenue for the quarter was up 50.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Berry Global Group Inc will post 4.51 earnings per share for the current fiscal year.
About Berry Global Group
Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products. The company operates through three segments: Engineered Materials; Health, Hygiene & Specialties; and Consumer Packaging. The Engineered Materials segment 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, flashing and seaming tapes, 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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