Short Interest in Berry Global Group, Inc. (NYSE:BERY) Expands By 5.5%

Berry Global Group, Inc. (NYSE:BERY) was the target of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 4,420,000 shares, an increase of 5.5% from the September 30th total of 4,190,000 shares. Based on an average daily trading volume, of 757,700 shares, the short-interest ratio is currently 5.8 days. Approximately 3.9% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BERY shares. Truist Financial upped their price target on shares of Berry Global Group from $68.00 to $74.00 and gave the stock a “hold” rating in a report on Tuesday, October 15th. UBS Group decreased their price objective on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. StockNews.com raised shares of Berry Global Group from a “hold” rating to a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley assumed coverage on shares of Berry Global Group in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $71.22.

Insider Activity at Berry Global Group

In related news, Director Evan Bayh sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total value of $981,820.00. Following the completion of the sale, the director now owns 30,228 shares of the company’s stock, valued at $2,119,889.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 4.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Berry Global Group

Hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC raised its stake in Berry Global Group by 3.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 16,885 shares of the industrial products company’s stock valued at $1,021,000 after purchasing an additional 487 shares during the last quarter. State of Michigan Retirement System increased its position in Berry Global Group by 0.7% during the first quarter. State of Michigan Retirement System now owns 28,500 shares of the industrial products company’s stock worth $1,724,000 after buying an additional 200 shares during the period. Norden Group LLC acquired a new position in Berry Global Group during the first quarter worth approximately $259,000. Leeward Investments LLC MA increased its position in Berry Global Group by 4.9% during the first quarter. Leeward Investments LLC MA now owns 173,826 shares of the industrial products company’s stock worth $10,513,000 after buying an additional 8,185 shares during the period. Finally, Commonwealth Equity Services LLC grew its stake in shares of Berry Global Group by 15.5% in the 1st quarter. Commonwealth Equity Services LLC now owns 9,711 shares of the industrial products company’s stock valued at $587,000 after purchasing an additional 1,302 shares during the last quarter. Institutional investors and hedge funds own 95.36% of the company’s stock.

Berry Global Group Stock Performance

Shares of NYSE BERY opened at $70.58 on Friday. Berry Global Group has a 52-week low of $54.06 and a 52-week high of $71.52. The company has a market cap of $8.09 billion, a PE ratio of 15.08, a PEG ratio of 1.16 and a beta of 1.15. The firm’s 50-day moving average price is $67.92 and its 200-day moving average price is $63.19. The company has a quick ratio of 1.08, a current ratio of 1.82 and a debt-to-equity ratio of 2.57.

Berry Global Group (NYSE:BERY) last posted its earnings results on Friday, August 2nd. The industrial products company reported $2.18 earnings per share for the quarter, beating analysts’ consensus estimates of $2.02 by $0.16. The firm had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.26 billion. Berry Global Group had a net margin of 4.55% and a return on equity of 27.32%. Berry Global Group’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same period last year, the firm posted $1.90 earnings per share. As a group, analysts anticipate that Berry Global Group will post 7.6 EPS for the current year.

Berry Global Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be issued a $0.31 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This is an increase from Berry Global Group’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a yield of 1.76%. Berry Global Group’s payout ratio is currently 23.50%.

Berry Global Group Company Profile

Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products in consumer and industrial end markets in the United States, Canada, Europe, and internationally. The company operates through Consumer Packaging International; Consumer Packaging North America; Engineered Materials; and Health, Hygiene & Specialties segments.