Silphium Asset Management Ltd Acquires New Position in Berry Global Group, Inc. (NYSE:BERY)

Silphium Asset Management Ltd purchased a new stake in shares of Berry Global Group, Inc. (NYSE:BERY - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 147,760 shares of the industrial products company's stock, valued at approximately $9,556,000. Berry Global Group comprises 3.1% of Silphium Asset Management Ltd's portfolio, making the stock its 8th largest position. Silphium Asset Management Ltd owned approximately 0.13% of Berry Global Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC lifted its stake in Berry Global Group by 38.4% during the third quarter. FMR LLC now owns 3,807,317 shares of the industrial products company's stock worth $258,821,000 after purchasing an additional 1,055,756 shares in the last quarter. Calamos Advisors LLC acquired a new position in Berry Global Group during the 4th quarter worth about $35,568,000. State Street Corp boosted its holdings in Berry Global Group by 10.4% during the 3rd quarter. State Street Corp now owns 3,831,824 shares of the industrial products company's stock valued at $260,487,000 after acquiring an additional 360,857 shares during the period. Goldentree Asset Management LP acquired a new position in Berry Global Group in the 3rd quarter valued at about $24,288,000. Finally, EdgePoint Investment Group Inc. increased its stake in Berry Global Group by 2.2% during the third quarter. EdgePoint Investment Group Inc. now owns 15,279,107 shares of the industrial products company's stock worth $1,038,674,000 after purchasing an additional 336,186 shares during the period. 95.36% of the stock is owned by hedge funds and other institutional investors.

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Berry Global Group Stock Up 0.2 %

Berry Global Group stock traded up $0.17 during mid-day trading on Thursday, hitting $71.70. The company had a trading volume of 2,105,278 shares, compared to its average volume of 1,176,739. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of 17.88, a PEG ratio of 1.54 and a beta of 1.15. The company has a quick ratio of 1.09, a current ratio of 1.61 and a debt-to-equity ratio of 3.35. Berry Global Group, Inc. has a 1 year low of $55.24 and a 1 year high of $73.75. The business has a fifty day moving average of $68.62 and a 200 day moving average of $68.21.

Berry Global Group (NYSE:BERY - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The industrial products company reported $1.09 earnings per share 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 business had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the company earned $1.22 earnings per share. The company's revenue was up 2.2% compared to the same quarter last year. On average, sell-side analysts expect that Berry Global Group, Inc. will post 6.25 earnings per share for the current fiscal year.

Berry Global Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Monday, March 3rd. Berry Global Group's dividend payout ratio (DPR) is presently 30.92%.

Wall Street Analyst Weigh In

BERY has been the subject of several recent research reports. Truist Financial raised their price objective on shares of Berry Global Group from $74.00 to $76.00 and gave the company a "hold" rating in a research note on Monday, February 10th. Barclays lifted their target price on Berry Global Group from $64.00 to $75.00 and gave the company an "equal weight" rating in a report on Wednesday, November 27th. StockNews.com assumed coverage on Berry Global Group in a report on Saturday, March 1st. They set a "buy" rating on the stock. Citigroup reissued a "neutral" rating and set a $76.00 price objective on shares of Berry Global Group in a research report on Monday, November 25th. Finally, Royal Bank of Canada raised their target price on shares of Berry Global Group from $69.00 to $73.00 and gave the company a "sector perform" rating in a report on Thursday, November 21st. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Berry Global Group has a consensus rating of "Hold" and an average target price of $74.56.

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.