Penn Capital Management Co. Inc. lifted its stake in Berry Global Group Inc (NYSE:BERY) by 178.3% in the first quarter, HoldingsChannel reports. The firm owned 40,208 shares of the industrial products company’s stock after acquiring an additional 25,758 shares during the quarter. Penn Capital Management Co. Inc.’s holdings in Berry Global Group were worth $2,166,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Millennium Management LLC lifted its position in shares of Berry Global Group by 70.8% in the fourth quarter. Millennium Management LLC now owns 1,670,155 shares of the industrial products company’s stock worth $79,382,000 after purchasing an additional 692,030 shares in the last quarter. Legal & General Group Plc increased its holdings in Berry Global Group by 8.9% in the fourth quarter. Legal & General Group Plc now owns 92,871 shares of the industrial products company’s stock worth $4,414,000 after buying an additional 7,587 shares during the last quarter. Three Peaks Capital Management LLC acquired a new position in Berry Global Group in the fourth quarter worth approximately $2,264,000. Mackay Shields LLC acquired a new position in Berry Global Group in the fourth quarter worth approximately $4,562,000. Finally, Pendal Group Ltd increased its holdings in Berry Global Group by 18.0% in the fourth quarter. Pendal Group Ltd now owns 7,043 shares of the industrial products company’s stock worth $335,000 after buying an additional 1,075 shares during the last quarter. 96.70% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently commented on BERY. Zacks Investment Research downgraded Berry Global Group from a “buy” rating to a “hold” rating in a report on Tuesday, February 5th. Morgan Stanley set a $60.00 price objective on Berry Global Group and gave the stock a “hold” rating in a report on Wednesday, April 17th. Finally, BMO Capital Markets increased their price objective on Berry Global Group from $65.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, March 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $61.50.
BERY stock traded down $0.35 during midday trading on Friday, hitting $48.45. 13,978 shares of the company traded hands, compared to its average volume of 1,754,395. Berry Global Group Inc has a twelve month low of $40.50 and a twelve month high of $59.16. The company has a quick ratio of 1.19, a current ratio of 2.01 and a debt-to-equity ratio of 3.72. The company has a market cap of $6.39 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 1.34 and a beta of 1.03.
Berry Global Group (NYSE:BERY) last announced its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.84 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.14). Berry Global Group had a net margin of 5.03% and a return on equity of 32.42%. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same quarter last year, the business earned $0.84 EPS. The company’s revenue for the quarter was down .9% on a year-over-year basis. As a group, equities analysts expect that Berry Global Group Inc will post 3.64 EPS for the current fiscal year.
In other news, EVP Jason K. Greene sold 7,455 shares of the firm’s stock in a transaction on Monday, February 25th. The shares were sold at an average price of $52.63, for a total value of $392,356.65. Following the sale, the executive vice president now owns 7,705 shares in the company, valued at $405,514.15. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Jason K. Greene sold 2,545 shares of the firm’s stock in a transaction on Thursday, February 21st. The stock was sold at an average price of $52.50, for a total transaction of $133,612.50. Following the completion of the sale, the executive vice president now owns 2,595 shares in the company, valued at approximately $136,237.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,000 shares of company stock worth $1,650,969. Corporate insiders own 1.60% of the company’s stock.
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Berry Global Group Profile
Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products. The company operates through three segments: Engineered Materials; Health, Hygiene & Specialties; and Consumer Packaging. The Engineered Materials segment 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, flashing and seaming tapes, double-faced cloth, masking, mounting, OEM, and medical and specialty tapes; and food and consumer films, retail bags, and polyvinyl chloride films.
Further Reading: Net Margin – Understanding the Different Kinds of Profit
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