Zacks Research Analysts Lift Earnings Estimates for Berry Global Group, Inc. (NYSE:BERY)

Posted by Defense World Staff on Aug 26th, 2023

Berry Global Group, Inc. (NYSE:BERY – Free Report) – Analysts at Zacks Research raised their Q4 2023 EPS estimates for Berry Global Group in a research report issued on Wednesday, August 23rd. Zacks Research analyst S. Roy now expects that the industrial products company will post earnings of $2.14 per share for the quarter, up from their previous forecast of $2.11. The consensus estimate for Berry Global Group’s current full-year earnings is $7.29 per share. Zacks Research also issued estimates for Berry Global Group’s Q1 2025 earnings at $1.37 EPS.

BERY has been the topic of a number of other research reports. Bank of America boosted their price objective on shares of Berry Global Group from $70.00 to $75.00 in a report on Monday, July 10th. Jefferies Financial Group boosted their price objective on shares of Berry Global Group from $76.00 to $87.00 in a report on Tuesday, July 18th. StockNews.com downgraded shares of Berry Global Group from a “buy” rating to a “hold” rating in a report on Friday. UBS Group decreased their price objective on shares of Berry Global Group from $75.00 to $73.00 in a report on Monday, May 8th. Finally, Citigroup boosted their price objective on shares of Berry Global Group from $79.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, August 14th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Berry Global Group presently has a consensus rating of “Moderate Buy” and an average price target of $73.54.

Shares of NYSE:BERY opened at $63.17 on Friday. The company has a market cap of $7.46 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 0.86 and a beta of 1.19. The firm’s 50-day simple moving average is $64.44 and its 200-day simple moving average is $61.06. The company has a quick ratio of 1.12, a current ratio of 1.87 and a debt-to-equity ratio of 2.72. Berry Global Group has a fifty-two week low of $44.52 and a fifty-two week high of $68.01.

Berry Global Group (NYSE:BERY – Get Free Report) last issued its earnings results on Wednesday, August 9th. The industrial products company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $1.97 by ($0.07). The firm had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.42 billion. Berry Global Group had a net margin of 5.05% and a return on equity of 27.67%. The firm’s revenue was down 13.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.03 EPS.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Thursday, August 31st. Berry Global Group’s dividend payout ratio is presently 18.87%.

In other news, President Michael Edward Hill sold 1,090 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $63.51, for a total value of $69,225.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, President Michael Edward Hill sold 1,090 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $63.51, for a total transaction of $69,225.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark W. Miles sold 31,602 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $61.34, for a total transaction of $1,938,466.68. Following the transaction, the chief financial officer now directly owns 65,456 shares of the company’s stock, valued at approximately $4,015,071.04. The disclosure for this sale can be found here. Insiders sold a total of 99,122 shares of company stock valued at $6,368,915 over the last 90 days. Insiders own 3.30% of the company’s stock.

Several institutional investors have recently bought and sold shares of the business. Virginia Retirement Systems ET AL purchased a new stake in Berry Global Group during the second quarter worth approximately $772,000. Teachers Retirement System of The State of Kentucky purchased a new stake in Berry Global Group during the second quarter worth approximately $1,319,000. Neo Ivy Capital Management purchased a new stake in Berry Global Group during the second quarter worth approximately $718,000. Alliancebernstein L.P. grew its stake 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 worth $125,999,000 after buying an additional 58,583 shares during the period. Finally, Wells Fargo & Company MN grew its stake in Berry Global Group by 6.7% during the second quarter. Wells Fargo & Company MN now owns 126,454 shares of the industrial products company’s stock worth $8,136,000 after buying an additional 7,913 shares during the period. 92.95% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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