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

Berry Global Group (NYSE:BERY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.

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. “

Other analysts have also recently issued research reports about the company. SunTrust Banks reissued a “buy” rating and issued a $65.00 price objective on shares of Berry Global Group in a research report on Monday, October 2nd. BidaskClub raised Berry Global Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 25th. Citigroup raised their price objective on Berry Global Group from $68.00 to $71.00 and gave the stock a “buy” rating in a research report on Monday, November 20th. Deutsche Bank raised their price objective on Berry Global Group from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday, November 17th. Finally, BMO Capital Markets raised their price objective on Berry Global Group from $63.00 to $65.00 and gave the stock a “market perform” rating in a research report on Monday, November 20th. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. Berry Global Group has an average rating of “Buy” and a consensus target price of $67.82.

Shares of Berry Global Group (BERY) traded down $0.18 during midday trading on Wednesday, reaching $58.95. The company’s stock had a trading volume of 790,521 shares, compared to its average volume of 736,236. The company has a debt-to-equity ratio of 5.53, a current ratio of 1.77 and a quick ratio of 1.10. The company has a market cap of $7,740.00, a PE ratio of 23.21, a PEG ratio of 0.87 and a beta of 1.08. Berry Global Group has a 1-year low of $47.19 and a 1-year high of $61.71.

Berry Global Group (NYSE:BERY) last announced its earnings results on Thursday, November 16th. The industrial products company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.08. The business had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Berry Global Group had a return on equity of 58.69% and a net margin of 4.79%. The business’s revenue for the quarter was up 16.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.61 EPS. analysts forecast that Berry Global Group will post 3.45 EPS for the current year.

In related news, CFO Mark W. Miles sold 10,000 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $58.54, for a total value of $585,400.00. Following the completion of the transaction, the chief financial officer now owns 52,916 shares in the company, valued at approximately $3,097,702.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Curt Begle sold 22,541 shares of the firm’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $60.01, for a total value of $1,352,685.41. Following the completion of the transaction, the president now owns 17,189 shares of the company’s stock, valued at approximately $1,031,511.89. The disclosure for this sale can be found here. Insiders sold a total of 44,378 shares of company stock valued at $2,648,724 in the last three months. Insiders own 3.11% of the company’s stock.

A number of hedge funds have recently modified their holdings of BERY. Acrospire Investment Management LLC raised its stake in Berry Global Group by 315.6% in the 2nd quarter. Acrospire Investment Management LLC now owns 2,107 shares of the industrial products company’s stock worth $120,000 after acquiring an additional 1,600 shares during the last quarter. California Public Employees Retirement System raised its stake in Berry Global Group by 0.9% in the 2nd quarter. California Public Employees Retirement System now owns 282,890 shares of the industrial products company’s stock worth $16,128,000 after acquiring an additional 2,500 shares during the last quarter. Globeflex Capital L P raised its stake in Berry Global Group by 409.3% in the 2nd quarter. Globeflex Capital L P now owns 25,869 shares of the industrial products company’s stock worth $1,475,000 after acquiring an additional 20,790 shares during the last quarter. Parallax Volatility Advisers L.P. raised its stake in Berry Global Group by 983.2% in the 2nd quarter. Parallax Volatility Advisers L.P. now owns 13,843 shares of the industrial products company’s stock worth $789,000 after acquiring an additional 12,565 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC raised its stake in Berry Global Group by 6.5% in the 2nd quarter. Signature Estate & Investment Advisors LLC now owns 9,346 shares of the industrial products company’s stock worth $533,000 after acquiring an additional 572 shares during the last quarter. Institutional investors own 95.96% of the company’s stock.

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Berry Global Group Company Profile

Berry Global Group, Inc, formerly Berry Plastics Group, Inc, is a provider of value-added plastic consumer packaging, non-woven specialty materials and engineered materials. The Company offers products, such as closures, prescription vials, specialty films, adhesives, nonwovens, drink cups, containers and bottles.

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