First Trust Advisors LP Sells 1,757 Shares of Berry Global Group, Inc. (NYSE:BERY)

Posted by on Mar 10th, 2023

First Trust Advisors LP cut its stake in Berry Global Group, Inc. (NYSE:BERY – Get Rating) by 0.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 387,335 shares of the industrial products company’s stock after selling 1,757 shares during the period. First Trust Advisors LP owned approximately 0.29% of Berry Global Group worth $18,022,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wipfli Financial Advisors LLC acquired a new position in Berry Global Group in the 3rd quarter valued at $30,000. Brown Brothers Harriman & Co. acquired a new position in Berry Global Group in the 1st quarter valued at $38,000. Ronald Blue Trust Inc. acquired a new position in Berry Global Group in the 2nd quarter valued at $40,000. American National Bank acquired a new position in Berry Global Group in the 3rd quarter valued at $33,000. Finally, American International Group Inc. raised its holdings in Berry Global Group by 19.6% in the 2nd quarter. American International Group Inc. now owns 1,690 shares of the industrial products company’s stock valued at $92,000 after acquiring an additional 277 shares in the last quarter. 94.02% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Berry Global Group

In other Berry Global Group news, CFO Mark W. Miles sold 37,942 shares of the company’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 sale, the chief financial officer now owns 47,058 shares in the company, valued at approximately $2,883,243.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.30% of the company’s stock.

Berry Global Group Trading Down 2.1 %

Shares of BERY stock opened at $59.26 on Friday. The firm has a market capitalization of $7.19 billion, a P/E ratio of 10.25, a P/E/G ratio of 0.83 and a beta of 1.17. Berry Global Group, Inc. has a twelve month low of $44.52 and a twelve month high of $66.21. The company has a quick ratio of 1.14, a current ratio of 1.98 and a debt-to-equity ratio of 2.84. The stock’s fifty day simple moving average is $61.52 and its 200 day simple moving average is $56.15.

Berry Global Group (NYSE:BERY – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The industrial products company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.03. Berry Global Group had a return on equity of 30.05% and a net margin of 5.37%. The firm had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.34 billion. During the same quarter in the previous year, the company posted $1.25 EPS. The business’s revenue was down 14.4% on a year-over-year basis. As a group, sell-side analysts predict that Berry Global Group, Inc. will post 7.43 EPS for the current fiscal year.

Berry Global Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, February 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.69%. Berry Global Group’s dividend payout ratio (DPR) is presently 17.30%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BERY. UBS Group lifted their price objective on Berry Global Group from $69.00 to $75.00 in a report on Friday, November 25th. Truist Financial cut Berry Global Group from a “buy” rating to a “hold” rating and set a $70.00 price target for the company. in a report on Thursday, January 5th. Robert W. Baird boosted their price target on Berry Global Group from $68.00 to $74.00 in a report on Friday, February 3rd. Deutsche Bank Aktiengesellschaft boosted their price target on Berry Global Group from $70.00 to $75.00 in a report on Friday, February 3rd. Finally, Citigroup boosted their price target on Berry Global Group from $75.00 to $81.00 and gave the stock a “buy” rating in a report on Sunday, February 5th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.75.

About Berry Global Group

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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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Institutional Ownership by Quarter for Berry Global Group (NYSE:BERY)

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