Berry Global Group, Inc. (NYSE:BERY) Short Interest Up 11.9% in August

Berry Global Group, Inc. (NYSE:BERY) was the recipient of a significant growth in short interest in August. As of August 31st, there was short interest totalling 5,270,000 shares, a growth of 11.9% from the August 15th total of 4,710,000 shares. Based on an average trading volume of 945,900 shares, the days-to-cover ratio is presently 5.6 days. Currently, 4.6% of the shares of the stock are short sold.

Berry Global Group Stock Down 0.5 %

Shares of NYSE BERY opened at $67.23 on Wednesday. Berry Global Group has a 12 month low of $53.92 and a 12 month high of $69.93. The firm has a market capitalization of $7.69 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 1.16 and a beta of 1.15. The firm has a fifty day simple moving average of $64.94 and a two-hundred day simple moving average of $61.23. The company has a current ratio of 1.82, a quick ratio of 1.08 and a debt-to-equity ratio of 2.57.

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

Berry Global Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Tuesday, September 3rd. Berry Global Group’s dividend payout ratio (DPR) is presently 26.13%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. EdgePoint Investment Group Inc. boosted its position in shares of Berry Global Group by 16.7% in the 1st quarter. EdgePoint Investment Group Inc. now owns 13,548,966 shares of the industrial products company’s stock worth $819,441,000 after purchasing an additional 1,934,137 shares in the last quarter. Norges Bank bought a new stake in Berry Global Group in the fourth quarter worth $81,617,000. Vanguard Group Inc. boosted its holdings in Berry Global Group by 10.2% in the first quarter. Vanguard Group Inc. now owns 12,931,050 shares of the industrial products company’s stock worth $782,070,000 after acquiring an additional 1,200,021 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Berry Global Group by 30.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,472,624 shares of the industrial products company’s stock worth $204,365,000 after acquiring an additional 807,211 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Berry Global Group by 280.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 798,092 shares of the industrial products company’s stock valued at $46,968,000 after acquiring an additional 588,114 shares in the last quarter. 95.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BERY has been the topic of several recent research reports. UBS Group reduced their target price on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Morgan Stanley began coverage on Berry Global Group in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $76.00 price objective on the stock. Finally, StockNews.com cut Berry Global Group from a “buy” rating to a “hold” rating in a report on Friday, September 13th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company 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.