BlackRock Inc. lessened its position in shares of Berry Global Group, Inc. (NYSE:BERY – Get Rating) by 3.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,035,364 shares of the industrial products company’s stock after selling 156,439 shares during the quarter. BlackRock Inc.’s holdings in Berry Global Group were worth $234,296,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. grew its holdings in Berry Global Group by 335.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 12,736 shares of the industrial products company’s stock worth $738,000 after acquiring an additional 9,812 shares during the period. Cambridge Investment Research Advisors Inc. grew its stake in shares of Berry Global Group by 71.3% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 11,152 shares of the industrial products company’s stock worth $646,000 after purchasing an additional 4,640 shares during the period. Acadian Asset Management LLC bought a new stake in Berry Global Group in the first quarter valued at about $329,000. MetLife Investment Management LLC acquired a new position in Berry Global Group in the first quarter valued at about $156,000. Finally, Great West Life Assurance Co. Can lifted its stake in Berry Global Group by 4.0% in the first quarter. Great West Life Assurance Co. Can now owns 8,248 shares of the industrial products company’s stock valued at $509,000 after buying an additional 314 shares during the period. Institutional investors own 94.02% of the company’s stock.
Insiders Place Their Bets
In other news, CFO Mark W. Miles sold 37,942 shares of the firm’s stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $61.27, for a total value of $2,324,706.34. Following the completion of the transaction, the chief financial officer now owns 47,058 shares in the company, valued at approximately $2,883,243.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.30% of the company’s stock.
Berry Global Group Stock Down 1.6 %
Berry Global Group (NYSE:BERY – Get Rating) last issued its quarterly earnings results on Thursday, February 2nd. The industrial products company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.03. The company had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.34 billion. Berry Global Group had a net margin of 5.37% and a return on equity of 30.05%. The business’s quarterly revenue was down 14.4% on a year-over-year basis. During the same period last year, the business earned $1.25 EPS. On average, sell-side analysts expect that Berry Global Group, Inc. will post 7.43 EPS for the current fiscal year.
Berry Global Group Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, February 28th. This represents a $1.00 annualized dividend and a yield of 1.76%. Berry Global Group’s payout ratio is currently 17.30%.
Analysts Set New Price Targets
A number of analysts have recently commented on the company. Mizuho lowered their price target on Berry Global Group from $69.00 to $63.00 and set a “neutral” rating for the company in a research note on Wednesday, November 16th. Credit Suisse Group decreased their price target on shares of Berry Global Group from $78.00 to $75.00 and set an “outperform” rating for the company in a report on Tuesday, December 6th. Robert W. Baird raised their price objective on Berry Global Group from $68.00 to $74.00 in a research note on Friday, February 3rd. Barclays lifted their target price on Berry Global Group from $60.00 to $67.00 and gave the stock an “equal weight” rating in a report on Monday, February 6th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Berry Global Group from $70.00 to $75.00 in a report on Friday, February 3rd. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $71.75.
Berry Global Group Company Profile
Berry Global Group, Inc engages in the provision of innovative rigid, flexible, and non-woven products. It operates through the following segments: Consumer Packaging International, Consumer Packaging North America, Engineered Materials, and Health, Hygiene and Specialties. The Consumer Packaging International segment consists of rigid products that primarily service non-North American markets.
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