Berry Global Group, Inc. (NYSE:BERY) Short Interest Up 5.5% in October

Berry Global Group, Inc. (NYSE:BERY - Get Free Report) saw a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 4,420,000 shares, an increase of 5.5% from the September 30th total of 4,190,000 shares. Based on an average daily volume of 757,700 shares, the days-to-cover ratio is presently 5.8 days. Currently, 3.9% of the shares of the company are sold short.

Berry Global Group Price Performance

Shares of BERY traded up $0.01 during trading hours on Thursday, hitting $70.74. The stock had a trading volume of 692,152 shares, compared to its average volume of 979,986. Berry Global Group has a 52 week low of $54.06 and a 52 week high of $71.10. The stock has a market capitalization of $8.11 billion, a price-to-earnings ratio of 15.05, a P/E/G ratio of 1.10 and a beta of 1.15. The company's fifty day moving average is $67.83 and its two-hundred day moving average is $63.14. The company has a debt-to-equity ratio of 2.57, a current ratio of 1.82 and a quick ratio of 1.08.

Berry Global Group (NYSE:BERY - Get Free Report) last posted its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.16. The company had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.26 billion. Berry Global Group had a net margin of 4.55% and a return on equity of 27.32%. The company's revenue was down 2.1% on a year-over-year basis. During the same quarter last year, the business posted $1.90 earnings per share. On average, analysts anticipate that Berry Global Group will post 7.6 EPS for the current year.

Berry Global Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.75%. The ex-dividend date is Monday, December 2nd. This is a boost from Berry Global Group's previous quarterly dividend of $0.28. Berry Global Group's dividend payout ratio is presently 23.50%.

Analyst Upgrades and Downgrades

BERY has been the subject of a number of research analyst reports. 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. StockNews.com upgraded Berry Global Group from a "hold" rating to a "buy" rating in a research report on Wednesday. Truist Financial lifted their price objective on Berry Global Group from $68.00 to $74.00 and gave the stock a "hold" rating in a report on Tuesday, October 15th. Finally, UBS Group cut their target price on 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. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $71.22.

Insider Activity

In related news, Director Evan Bayh sold 14,000 shares of the business's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $70.13, for a total transaction of $981,820.00. Following the completion of the transaction, the director now owns 30,228 shares of the company's stock, valued at approximately $2,119,889.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.00% of the stock is currently owned by company insiders.

Institutional Trading of Berry Global Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. EdgePoint Investment Group Inc. lifted its holdings in 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 worth $819,441,000 after buying an additional 1,934,137 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Berry Global Group by 10.2% during 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 during the period. Dimensional Fund Advisors LP boosted its holdings in 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 valued at $204,365,000 after acquiring an additional 807,211 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Berry Global Group by 280.1% in 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 during the period. Finally, Eminence Capital LP raised its holdings in Berry Global Group by 22.2% during the 2nd quarter. Eminence Capital LP now owns 2,714,539 shares of the industrial products company's stock worth $159,751,000 after purchasing an additional 492,793 shares during the last quarter. 95.36% of the stock is currently owned by institutional investors and hedge funds.

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.