Berry Global Group, Inc. (NYSE:BERY) Sees Significant Increase in Short Interest

Berry Global Group, Inc. (NYSE:BERY) was the target of a large increase in short interest in August. As of August 31st, there was short interest totalling 5,270,000 shares, an increase of 11.9% from the August 15th total of 4,710,000 shares. Approximately 4.6% of the company’s stock are sold short. Based on an average daily volume of 945,900 shares, the short-interest ratio is presently 5.6 days.

Berry Global Group Price Performance

Shares of Berry Global Group stock opened at $67.23 on Wednesday. The stock has a market cap of $7.69 billion, a P/E ratio of 15.97, a P/E/G ratio of 1.16 and a beta of 1.15. The company has a debt-to-equity ratio of 2.57, a quick ratio of 1.08 and a current ratio of 1.82. The stock’s fifty day moving average is $64.94 and its 200 day moving average is $61.23. Berry Global Group has a one year low of $53.92 and a one year high of $69.93.

Berry Global Group (NYSE:BERY) last issued its quarterly earnings results on Friday, August 2nd. The industrial products company reported $2.18 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.26 billion. During the same quarter in the prior year, the business posted $1.90 earnings per share. The business’s quarterly revenue was down 2.1% on a year-over-year basis. Sell-side analysts anticipate that Berry Global Group will post 7.6 earnings per share for the current year.

Berry Global Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend was Tuesday, September 3rd. Berry Global Group’s dividend payout ratio is currently 26.13%.

Analyst Ratings Changes

Several equities research analysts recently commented on BERY shares. StockNews.com downgraded Berry Global Group from a “buy” rating to a “hold” rating in a report on Friday, September 13th. UBS Group reduced their price target on shares of Berry Global Group from $89.00 to $77.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Finally, Morgan Stanley initiated 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 on the stock. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Berry Global Group presently has a consensus rating of “Hold” and a consensus target price of $71.82.

Institutional Trading of Berry Global Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. EdgePoint Investment Group Inc. lifted its stake in shares of Berry Global Group by 16.7% during the 1st quarter. EdgePoint Investment Group Inc. now owns 13,548,966 shares of the industrial products company’s stock valued at $819,441,000 after buying an additional 1,934,137 shares in the last quarter. Norges Bank bought a new stake in Berry Global Group during the fourth quarter valued at about $81,617,000. Vanguard Group Inc. lifted its position in shares of 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 valued at $782,070,000 after acquiring an additional 1,200,021 shares in the last quarter. Dimensional Fund Advisors LP boosted 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 period. Finally, Allspring Global Investments Holdings LLC grew its position 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 worth $46,968,000 after purchasing an additional 588,114 shares in the last quarter. 95.36% of the stock is owned by hedge funds and other institutional investors.

Berry Global Group Company Profile

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.