Berry Global Group (NYSE:BERY) Reaches New 52-Week High – Here’s Why

Berry Global Group, Inc. (NYSE:BERY) shares reached a new 52-week high on Monday . The stock traded as high as $72.77 and last traded at $72.66, with a volume of 295831 shares traded. The stock had previously closed at $71.71.

Analyst Upgrades and Downgrades

BERY has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. restated an “overweight” rating and issued a $76.00 price objective (up previously from $70.00) on shares of Berry Global Group in a research report on Monday. Truist Financial reaffirmed a “hold” rating and set a $72.00 price target (down previously from $74.00) on shares of Berry Global Group in a research report on Wednesday, November 20th. StockNews.com raised Berry Global Group from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. Morgan Stanley began coverage on shares of Berry Global Group in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $76.00 price objective for the company. Finally, Citigroup reaffirmed a “neutral” rating and issued a $76.00 price objective on shares of Berry Global Group in a research report on Monday. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $72.73.

Berry Global Group Trading Down 0.2 %

The company has a market cap of $8.20 billion, a P/E ratio of 16.30, a PEG ratio of 1.40 and a beta of 1.14. The business has a 50 day moving average price of $68.22 and a 200-day moving average price of $64.44. The company has a current ratio of 0.41, a quick ratio of 0.26 and a debt-to-equity ratio of 2.57.

Berry Global Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.31 per share. The ex-dividend date of this dividend is Monday, December 2nd. This is a positive change from Berry Global Group’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.73%. Berry Global Group’s payout ratio is presently 25.06%.

Insider Buying and Selling at Berry Global Group

In related news, Director Evan Bayh sold 14,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $70.13, for a total value of $981,820.00. Following the transaction, the director now owns 30,228 shares in the company, valued at approximately $2,119,889.64. This trade represents a 31.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. M&T Bank Corp increased its position in Berry Global Group by 3.1% during the 3rd quarter. M&T Bank Corp now owns 5,832 shares of the industrial products company’s stock worth $396,000 after purchasing an additional 173 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Berry Global Group by 1.9% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 9,424 shares of the industrial products company’s stock worth $555,000 after acquiring an additional 176 shares during the last quarter. Creative Planning increased its holdings in Berry Global Group by 3.0% in the 3rd quarter. Creative Planning now owns 6,827 shares of the industrial products company’s stock worth $464,000 after purchasing an additional 198 shares in the last quarter. Guardian Wealth Management Inc. raised its position in Berry Global Group by 1.0% in the second quarter. Guardian Wealth Management Inc. now owns 29,623 shares of the industrial products company’s stock valued at $1,743,000 after purchasing an additional 287 shares during the last quarter. Finally, US Bancorp DE grew its holdings in shares of Berry Global Group by 9.1% during the third quarter. US Bancorp DE now owns 3,725 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 311 shares during the last quarter. 95.36% of the stock is owned by institutional investors.

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.