Berry Global Group (NYSE:BERY) Sees Large Volume Increase After Strong Earnings

Berry Global Group, Inc. (NYSE:BERY - Get Free Report) saw unusually-strong trading volume on Wednesday following a stronger than expected earnings report. Approximately 2,359,400 shares traded hands during trading, an increase of 80% from the previous session's volume of 1,308,676 shares.The stock last traded at $71.67 and had previously closed at $70.50.

The industrial products company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. Berry Global Group had a return on equity of 28.26% and a net margin of 3.99%. The firm had revenue of $2.39 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the firm posted $1.22 earnings per share. The business's quarterly revenue was up 2.2% compared to the same quarter last year.

Berry Global Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a $0.31 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $1.24 annualized dividend and a dividend yield of 1.77%. Berry Global Group's dividend payout ratio is presently 30.92%.

Wall Street Analyst Weigh In

BERY has been the topic of a number of recent analyst reports. UBS Group increased their price target on shares of Berry Global Group from $72.00 to $73.00 and gave the stock a "neutral" rating in a research note on Friday. Citigroup reiterated a "neutral" rating and issued a $76.00 target price on shares of Berry Global Group in a report on Monday, November 25th. Barclays upped their price target on Berry Global Group from $64.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Wednesday, November 27th. StockNews.com began coverage on Berry Global Group in a report on Wednesday. They set a "buy" rating for the company. Finally, Truist Financial increased their price target on Berry Global Group from $72.00 to $74.00 and gave the company a "hold" rating in a report on Monday, January 6th. Eight investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $74.33.

Institutional Investors Weigh In On Berry Global Group

A number of institutional investors have recently modified their holdings of BERY. UMB Bank n.a. increased its stake in Berry Global Group by 89.0% during the fourth quarter. UMB Bank n.a. now owns 650 shares of the industrial products company's stock valued at $42,000 after purchasing an additional 306 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Berry Global Group by 3,569.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 844 shares of the industrial products company's stock valued at $55,000 after acquiring an additional 821 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in Berry Global Group by 463.5% during the 4th quarter. Venturi Wealth Management LLC now owns 1,065 shares of the industrial products company's stock valued at $69,000 after purchasing an additional 876 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in Berry Global Group during the third quarter worth about $75,000. Finally, GAMMA Investing LLC raised its holdings in shares of Berry Global Group by 332.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,181 shares of the industrial products company's stock worth $80,000 after purchasing an additional 908 shares in the last quarter. Institutional investors and hedge funds own 95.36% of the company's stock.

Berry Global Group Price Performance

The firm has a market capitalization of $8.10 billion, a P/E ratio of 17.44, a P/E/G ratio of 1.50 and a beta of 1.15. The company has a current ratio of 1.61, a quick ratio of 0.80 and a debt-to-equity ratio of 3.35. The business's fifty day moving average is $67.38 and its 200 day moving average is $67.27.

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.