Berry Global Group (NYSE:BERY) Sets New 12-Month High – What’s Next?

Berry Global Group, Inc. (NYSE:BERY)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $72.50 and last traded at $69.76, with a volume of 943932 shares trading hands. The stock had previously closed at $67.05.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on BERY shares. Truist Financial lifted their price target on shares of Berry Global Group from $68.00 to $74.00 and gave the stock a “hold” rating in a research report on Tuesday, October 15th. StockNews.com raised shares of Berry Global Group from a “hold” rating to a “buy” rating in a report on Friday. Finally, Morgan Stanley began coverage on shares of Berry Global Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $71.22.

Berry Global Group Trading Up 3.5 %

The company has a market capitalization of $7.95 billion, a P/E ratio of 14.33, a PEG ratio of 1.10 and a beta of 1.14. The company has a debt-to-equity ratio of 2.57, a current ratio of 1.82 and a quick ratio of 1.08. The business’s 50-day moving average price is $67.90 and its two-hundred day moving average price is $64.13.

Berry Global Group Increases Dividend

The firm 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 dividend of $0.31 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Berry Global Group’s previous quarterly dividend of $0.28. This represents a $1.24 annualized dividend and a yield of 1.79%. Berry Global Group’s payout ratio is currently 23.50%.

Insider Transactions at Berry Global Group

In other news, Director Evan Bayh sold 14,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $70.13, for a total transaction 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 represents a 31.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Berry Global Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BERY. Altshuler Shaham Ltd bought a new stake in shares of Berry Global Group in the second quarter valued at about $27,000. Quest Partners LLC raised its position in Berry Global Group by 54,800.0% in the 2nd quarter. Quest Partners LLC now owns 549 shares of the industrial products company’s stock valued at $32,000 after buying an additional 548 shares during the last quarter. LRI Investments LLC lifted its stake in Berry Global Group by 1,309.1% in the 2nd quarter. LRI Investments LLC now owns 620 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 576 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Berry Global Group in the 2nd quarter valued at approximately $42,000. Finally, American Capital Advisory LLC acquired a new position in Berry Global Group during the 2nd quarter worth approximately $44,000. 95.36% of the stock is owned by institutional investors and hedge funds.

About Berry Global Group

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.