Berry Global Group (NYSE:BERY) Hits New 52-Week High – Time to Buy?

Berry Global Group, Inc. (NYSE:BERY)’s share price reached a new 52-week high on Tuesday . The company traded as high as $73.75 and last traded at $71.76, with a volume of 3685095 shares changing hands. The stock had previously closed at $72.17.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $76.00 price objective (up previously from $70.00) on shares of Berry Global Group in a research note on Monday, November 25th. Royal Bank of Canada boosted their price target on Berry Global Group from $69.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 21st. Citigroup reissued a “neutral” rating and set a $76.00 price objective on shares of Berry Global Group in a report on Monday, November 25th. Truist Financial boosted 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, StockNews.com began coverage on Berry Global Group in a report on Saturday. They set a “buy” rating on the stock. Seven investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Berry Global Group presently has an average rating of “Hold” and an average price target of $74.56.

Berry Global Group Stock Performance

The stock has a market cap of $8.31 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 1.54 and a beta of 1.15. The firm has a fifty day simple moving average of $68.24 and a 200 day simple moving average of $68.10. The company has a current ratio of 1.61, a quick ratio of 1.09 and a debt-to-equity ratio of 3.35.

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

Berry Global Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a $0.31 dividend. The ex-dividend date is Monday, March 3rd. This represents a $1.24 dividend on an annualized basis and a yield of 1.73%. Berry Global Group’s payout ratio is currently 30.92%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BERY. Geode Capital Management LLC grew its stake in shares of Berry Global Group by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,982,517 shares of the industrial products company’s stock valued at $134,806,000 after purchasing an additional 27,437 shares during the period. Sound Income Strategies LLC boosted its stake in Berry Global Group by 13.4% in the 4th quarter. Sound Income Strategies LLC now owns 72,914 shares of the industrial products company’s stock valued at $4,715,000 after buying an additional 8,622 shares in the last quarter. Hancock Whitney Corp bought a new stake in Berry Global Group in the third quarter valued at $1,065,000. Integrated Investment Consultants LLC acquired a new position in Berry Global Group during the third quarter worth $714,000. Finally, Barclays PLC lifted its holdings in shares of Berry Global Group by 87.1% during the third quarter. Barclays PLC now owns 101,956 shares of the industrial products company’s stock valued at $6,931,000 after acquiring an additional 47,476 shares during the period. Institutional investors own 95.36% of the company’s stock.

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.