Berry Global Group (BERY) Shares Gap Up After Earnings Beat

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Berry Global Group Inc (NYSE:BERY)’s share price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $52.60, but opened at $50.31. Berry Global Group shares last traded at $50.30, with a volume of 50755 shares trading hands.

The industrial products company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.02. Berry Global Group had a net margin of 6.15% and a return on equity of 35.88%. The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion.

BERY has been the topic of several research reports. KeyCorp reissued a “hold” rating on shares of Berry Global Group in a research report on Friday, August 3rd. Zacks Investment Research reissued a “sell” rating on shares of Berry Global Group in a research report on Monday, November 12th. ValuEngine raised shares of Berry Global Group from a “strong sell” rating to a “sell” rating in a research report on Thursday, September 13th. TheStreet lowered shares of Berry Global Group from a “b” rating to a “c+” rating in a research report on Monday, October 29th. Finally, Cfra reaffirmed a “buy” rating and set a $57.00 target price on shares of Berry Global Group in a report on Thursday, September 6th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $65.33.

A number of institutional investors have recently bought and sold shares of BERY. Canyon Capital Advisors LLC increased its holdings in Berry Global Group by 22.9% during the 2nd quarter. Canyon Capital Advisors LLC now owns 7,910,280 shares of the industrial products company’s stock worth $363,398,000 after acquiring an additional 1,471,850 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in Berry Global Group by 22.4% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,614,470 shares of the industrial products company’s stock worth $74,168,000 after acquiring an additional 295,950 shares during the period. Epoch Investment Partners Inc. increased its holdings in Berry Global Group by 31.1% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,174,486 shares of the industrial products company’s stock worth $53,955,000 after acquiring an additional 278,522 shares during the period. Credit Suisse AG increased its holdings in Berry Global Group by 153.5% during the 3rd quarter. Credit Suisse AG now owns 410,490 shares of the industrial products company’s stock worth $19,863,000 after acquiring an additional 248,552 shares during the period. Finally, Marshall Wace LLP increased its holdings in Berry Global Group by 923.1% during the 2nd quarter. Marshall Wace LLP now owns 274,922 shares of the industrial products company’s stock worth $12,630,000 after acquiring an additional 248,051 shares during the period. 93.35% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market capitalization of $6.11 billion, a P/E ratio of 16.31, a price-to-earnings-growth ratio of 0.61 and a beta of 1.20. The company has a current ratio of 2.01, a quick ratio of 1.19 and a debt-to-equity ratio of 4.41.

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About Berry Global Group (NYSE:BERY)

Berry Global Group, Inc manufactures and distributes engineered materials, nonwoven specialty materials, and consumer packaging products. The company operates through three segments: Engineered Materials; Health, Hygiene & Specialties; and Consumer Packaging. It offers engineered materials, including stretch and shrink films, and converter films; trash-can liners and food bags; cloth and foil, splicing and laminating, flame-retardant, vinyl-coated and carton sealing, electrical, double-faced cloth, masking, mounting, OEM, and medical and specialty tapes; and food and consumer films, retail bags, and polyvinyl chloride films.

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