Berry Global Group, Inc. (NYSE:BERY) Sees Large Growth in Short Interest

Berry Global Group, Inc. (NYSE:BERY) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 7,450,000 shares, an increase of 75.3% from the February 28th total of 4,250,000 shares. Currently, 6.5% of the company’s stock are short sold. Based on an average daily volume of 1,640,000 shares, the days-to-cover ratio is presently 4.5 days.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of Berry Global Group in a report on Tuesday. They issued a “buy” rating for the company. Truist Financial increased their target price on Berry Global Group from $74.00 to $76.00 and gave the stock a “hold” rating in a report on Monday, February 10th. Finally, UBS Group boosted their price target on Berry Global Group from $72.00 to $73.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $74.56.

Institutional Trading of Berry Global Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Berry Global Group by 2.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 835,915 shares of the industrial products company’s stock worth $56,826,000 after acquiring an additional 18,736 shares during the last quarter. Cerity Partners LLC raised its position in shares of Berry Global Group by 171.2% in the third quarter. Cerity Partners LLC now owns 14,316 shares of the industrial products company’s stock valued at $973,000 after purchasing an additional 9,037 shares during the period. Bank of Montreal Can lifted its stake in shares of Berry Global Group by 24.5% during the 3rd quarter. Bank of Montreal Can now owns 251,873 shares of the industrial products company’s stock worth $17,349,000 after buying an additional 49,609 shares during the last quarter. FMR LLC lifted its stake in shares of Berry Global Group by 38.4% during the 3rd quarter. FMR LLC now owns 3,807,317 shares of the industrial products company’s stock worth $258,821,000 after buying an additional 1,055,756 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Berry Global Group by 36.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 14,408 shares of the industrial products company’s stock worth $979,000 after buying an additional 3,830 shares during the period. Institutional investors own 95.36% of the company’s stock.

Berry Global Group Stock Down 0.8 %

Shares of NYSE:BERY traded down $0.53 during trading on Friday, hitting $69.46. 1,366,745 shares of the company were exchanged, compared to its average volume of 1,232,939. Berry Global Group has a fifty-two week low of $55.24 and a fifty-two week high of $74.24. The stock has a market cap of $8.04 billion, a price-to-earnings ratio of 17.32, a P/E/G ratio of 1.54 and a beta of 1.13. The company has a current ratio of 1.61, a quick ratio of 1.09 and a debt-to-equity ratio of 3.35. The firm has a fifty day moving average price of $70.20 and a two-hundred day moving average price of $68.62.

Berry Global Group (NYSE:BERY) last issued its earnings results on Tuesday, February 4th. The industrial products company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.35 billion. Berry Global Group had a net margin of 3.99% and a return on equity of 28.26%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.22 earnings per share. As a group, research analysts anticipate that Berry Global Group will post 6.25 earnings per share for the current fiscal year.

Berry Global Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date was Monday, March 3rd. Berry Global Group’s payout ratio is currently 30.92%.

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.