Wall Street brokerages expect that Berry Global Group Inc (NYSE:BERY) will post $2.06 billion in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Berry Global Group’s earnings. The highest sales estimate is $2.08 billion and the lowest is $2.04 billion. Berry Global Group posted sales of $1.97 billion during the same quarter last year, which would indicate a positive year over year growth rate of 4.6%. The company is expected to announce its next earnings results on Thursday, May 2nd.
On average, analysts expect that Berry Global Group will report full year sales of $8.24 billion for the current financial year, with estimates ranging from $8.20 billion to $8.32 billion. For the next year, analysts anticipate that the business will report sales of $8.36 billion, with estimates ranging from $8.20 billion to $8.46 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Berry Global Group.
Berry Global Group (NYSE:BERY) last issued its quarterly earnings data on Friday, February 1st. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.04. Berry Global Group had a net margin of 5.22% and a return on equity of 33.85%. The company had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same period last year, the firm posted $0.67 EPS. Berry Global Group’s revenue for the quarter was up 11.0% on a year-over-year basis.
BERY has been the subject of several recent analyst reports. TheStreet upgraded shares of Berry Global Group from a “c+” rating to a “b” rating in a research note on Monday, November 19th. Zacks Investment Research upgraded shares of Berry Global Group from a “sell” rating to a “hold” rating in a research note on Monday, November 19th. ValuEngine upgraded shares of Berry Global Group from a “sell” rating to a “hold” rating in a research note on Friday, November 23rd. Morgan Stanley initiated coverage on shares of Berry Global Group in a research note on Wednesday, January 16th. They issued an “equal weight” rating and a $53.00 target price for the company. Finally, Citigroup raised their target price on shares of Berry Global Group from $56.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, November 16th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Berry Global Group currently has an average rating of “Buy” and a consensus price target of $62.56.
Berry Global Group stock traded up $0.58 during midday trading on Friday, hitting $55.64. 1,934,754 shares of the company’s stock were exchanged, compared to its average volume of 1,643,087. Berry Global Group has a 12-month low of $40.50 and a 12-month high of $57.00. The company has a debt-to-equity ratio of 3.92, a quick ratio of 1.06 and a current ratio of 1.87. The company has a market capitalization of $7.24 billion, a P/E ratio of 16.51, a PEG ratio of 1.43 and a beta of 1.01.
In related news, EVP Jason K. Greene sold 2,545 shares of the firm’s stock in a transaction dated Thursday, February 21st. The shares were sold at an average price of $52.50, for a total value of $133,612.50. Following the completion of the sale, the executive vice president now owns 2,595 shares in the company, valued at $136,237.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jason K. Greene sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the sale, the executive vice president now owns 10,250 shares of the company’s stock, valued at approximately $563,750. The disclosure for this sale can be found here. Insiders sold a total of 30,000 shares of company stock valued at $1,576,469 in the last 90 days. Company insiders own 1.60% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Cornerstone Advisors Inc. lifted its stake in shares of Berry Global Group by 42.6% in the third quarter. Cornerstone Advisors Inc. now owns 900 shares of the industrial products company’s stock valued at $44,000 after purchasing an additional 269 shares during the period. Advisors Capital Management LLC increased its holdings in Berry Global Group by 0.7% during the 4th quarter. Advisors Capital Management LLC now owns 60,753 shares of the industrial products company’s stock valued at $2,888,000 after acquiring an additional 449 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Berry Global Group by 9.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,996 shares of the industrial products company’s stock valued at $428,000 after acquiring an additional 744 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Berry Global Group during the fourth quarter worth about $39,000. Finally, Paloma Partners Management Co grew its holdings in shares of Berry Global Group by 7.2% during the fourth quarter. Paloma Partners Management Co now owns 13,451 shares of the industrial products company’s stock worth $639,000 after buying an additional 906 shares in the last quarter. Hedge funds and other institutional investors own 96.33% of the company’s stock.
Berry Global Group Company Profile
Berry Global Group, Inc manufactures and supplies non-woven, flexible, and rigid products. The company operates through three segments: Engineered Materials; Health, Hygiene & Specialties; and Consumer Packaging. The Engineered Materials segment offers engineered materials, including stretch and shrink films, and converter films; trash-can liners and food bags; cloth and foil, splicing and laminating, flame-retardant, flashing and seaming tapes, double-faced cloth, masking, mounting, OEM, and medical and specialty tapes; and food and consumer films, retail bags, and polyvinyl chloride films.
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