Berry Global Group (NYSE:BERY) Hits New 12-Month High Following Earnings Beat

Berry Global Group Inc (NYSE:BERY) reached a new 52-week high on Friday following a stronger than expected earnings report. The company traded as high as $50.64 and last traded at $49.93, with a volume of 24753 shares trading hands. The stock had previously closed at $47.50.

The industrial products company reported $1.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.37. Berry Global Group had a net margin of 3.86% and a return on equity of 28.90%. The company had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.98 billion. During the same period last year, the firm posted $0.90 EPS. Berry Global Group’s revenue for the quarter was up 50.2% on a year-over-year basis.

Several brokerages have issued reports on BERY. Jefferies Financial Group began coverage on shares of Berry Global Group in a research report on Monday, July 13th. They set a “buy” rating and a $57.00 price objective on the stock. Atlantic Securities began coverage on shares of Berry Global Group in a research note on Monday, June 1st. They issued an “overweight” rating and a $63.00 target price for the company. ValuEngine cut shares of Berry Global Group from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. Deutsche Bank reduced their target price on shares of Berry Global Group from $53.00 to $46.00 and set a “buy” rating for the company in a research note on Thursday, April 16th. Finally, TheStreet upgraded shares of Berry Global Group from a “c+” rating to a “b-” rating in a research note on Monday, July 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $50.77.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. EdgePoint Investment Group Inc. lifted its stake in shares of Berry Global Group by 82.1% in the first quarter. EdgePoint Investment Group Inc. now owns 14,132,464 shares of the industrial products company’s stock valued at $476,405,000 after purchasing an additional 6,372,322 shares during the period. Eminence Capital LP lifted its stake in shares of Berry Global Group by 4.9% in the first quarter. Eminence Capital LP now owns 12,417,423 shares of the industrial products company’s stock valued at $418,591,000 after purchasing an additional 578,808 shares during the period. Canyon Capital Advisors LLC lifted its stake in shares of Berry Global Group by 30.0% in the first quarter. Canyon Capital Advisors LLC now owns 10,037,135 shares of the industrial products company’s stock valued at $338,352,000 after purchasing an additional 2,317,324 shares during the period. TPG Group Holdings SBS Advisors Inc. lifted its stake in shares of Berry Global Group by 48.4% in the first quarter. TPG Group Holdings SBS Advisors Inc. now owns 2,925,200 shares of the industrial products company’s stock valued at $98,608,000 after purchasing an additional 953,420 shares during the period. Finally, Macquarie Group Ltd. increased its holdings in Berry Global Group by 22.5% during the 4th quarter. Macquarie Group Ltd. now owns 2,611,945 shares of the industrial products company’s stock valued at $124,042,000 after acquiring an additional 479,400 shares in the last quarter.

The company has a debt-to-equity ratio of 6.69, a quick ratio of 1.22 and a current ratio of 1.84. The company’s fifty day simple moving average is $44.86 and its two-hundred day simple moving average is $41.07. The stock has a market capitalization of $6.62 billion, a PE ratio of 16.18, a P/E/G ratio of 1.17 and a beta of 1.36.

Berry Global Group Company Profile (NYSE:BERY)

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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