Berry Global Group (NYSE:BERY) Share price down 5% on disappointing earnings

Berry Global Group, Inc. (NYSE:BERY) traded 5% lower in Friday’s session after the company reported weaker-than-expected quarterly results. The company traded as low as $60.24 and last traded at $60.31. 21,094 shares changed hands during the midday session, down 97% from the average session volume of 791,107 shares. The stock previously closed at $63.48. The industrial products company reported EPS of $1.25 for the quarter, missing Zacks’ consensus estimate of $1.38 per ($0.13). Berry Global Group achieved a return on equity of 30.09% and a net margin of 5.29%. The company posted revenue of $3.57 billion in the quarter, versus $3.43 billion expected by analysts. During the same period of the previous year, the company achieved EPS of $1.12. Berry Global Group’s quarterly revenue increased 13.9% year over year.

BERY has been the subject of several recent analyst reports. Morgan Stanley raised its price target on Berry Global Group shares from $71.00 to $79.00 and gave the company an “equal weight” rating in a Thursday, Jan. 20, report. Raymond James launched a hedge on the shares of Berry Global Group in a report on Wednesday, November 24. They set a “market performance” rating for the company. Mizuho began covering Berry Global Group shares in a report on Tuesday, October 12. They set a “neutral” rating and a price target of $70.00 for the company. Seaport Res Ptn reiterated a “buy” rating on Berry Global Group shares in a Wednesday, October 20 report. Finally, Citigroup raised its price target on Berry Global Group shares from $89.00 to $96.00 in a report on Tuesday, January 4. Five research analysts gave the stock a hold rating and nine gave the stock a buy rating. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $80.23.

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Separately, Chairman Curt Begle sold 14,000 shares in a trade that took place on Wednesday, December 29. The shares were sold at an average price of $73.99, for a total value of $1,035,860.00. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. 2.70% of the shares are currently held by insiders.

Major investors have recently changed their stake in the company. Van ECK Associates Corp bought a new position in shares of Berry Global Group in the 4th quarter for a value of approximately $26,000. Counterpoint Mutual Funds LLC acquired a new stake in Berry Global Group during Q4 for a value of approximately $27,000. Dark Forest Capital Management LP acquired a new stake in Berry Global Group during Q3, valued at approximately $29,000. Koshinski Asset Management Inc. acquired a new stake in Berry Global Group during Q4, valued at approximately $39,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Berry Global Group by 85.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,040 shares of the industrial products company valued at $68,000 after buying 479 additional shares last quarter. Hedge funds and other institutional investors own 94.64% of the company’s shares.

The company has a debt ratio of 2.97, a quick ratio of 1.00 and a current ratio of 1.60. The company’s 50-day simple moving average is $70.57 and its 200-day simple moving average is $66.80. The company has a market capitalization of $8.16 billion, a PE ratio of 11.93, a growth price-earnings ratio of 0.91 and a beta of 1.32.

About Berry Global Group (NYSE: BERY)

Berry Global Group, Inc. is committed to providing value-added engineered materials, specialty non-woven materials and consumer packaging with customized solutions. It operates through the following segments: Consumer Packaging International, Consumer Packaging North America, Engineered Materials and Health, Hygiene & Specialties.

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