Hudson Edge Investment Partners Inc. Cuts Stake in Berry Global Group, Inc. (NYSE:BERY)

Hudson Edge Investment Partners Inc. reduced its position in shares of Berry Global Group, Inc. (NYSE:BERY) by 14.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 81,085 shares of the industrial products company’s stock after selling 13,584 shares during the quarter. Hudson Edge Investment Partners Inc. owned 0.07% of Berry Global Group worth $4,772,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. EdgePoint Investment Group Inc. boosted its holdings in shares of Berry Global Group by 16.7% during the 1st quarter. EdgePoint Investment Group Inc. now owns 13,548,966 shares of the industrial products company’s stock valued at $819,441,000 after acquiring an additional 1,934,137 shares during the last quarter. Norges Bank bought a new stake in Berry Global Group in the 4th quarter worth approximately $81,617,000. Vanguard Group Inc. grew its position in Berry Global Group by 10.2% in the 1st quarter. Vanguard Group Inc. now owns 12,931,050 shares of the industrial products company’s stock worth $782,070,000 after purchasing an additional 1,200,021 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Berry Global Group by 280.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 798,092 shares of the industrial products company’s stock valued at $46,968,000 after buying an additional 588,114 shares during the last quarter. Finally, Goldentree Asset Management LP purchased a new position in shares of Berry Global Group in the 1st quarter worth $24,524,000. Institutional investors own 95.36% of the company’s stock.

Berry Global Group Price Performance

Shares of NYSE BERY traded down $0.76 during mid-day trading on Friday, hitting $66.82. 480,962 shares of the company’s stock traded hands, compared to its average volume of 1,043,506. The company has a debt-to-equity ratio of 2.57, a current ratio of 1.82 and a quick ratio of 1.08. Berry Global Group, Inc. has a 1 year low of $53.92 and a 1 year high of $69.93. The company’s 50-day moving average is $63.87 and its two-hundred day moving average is $60.85. The company has a market capitalization of $7.64 billion, a P/E ratio of 15.87, a PEG ratio of 1.36 and a beta of 1.15.

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

Berry Global Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date is Tuesday, September 3rd. Berry Global Group’s dividend payout ratio is currently 26.13%.

Analysts Set New Price Targets

BERY has been the topic of several recent research reports. StockNews.com downgraded shares of Berry Global Group from a “buy” rating to a “hold” rating in a research report on Wednesday, August 21st. Morgan Stanley assumed coverage on Berry Global Group in a research report on Wednesday. They set an “equal weight” rating and a $76.00 price objective on the stock. Finally, UBS Group reduced their target price on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $71.82.

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.