Neo Ivy Capital Management Purchases New Position in Berry Global Group, Inc. (NYSE:BERY)

Neo Ivy Capital Management purchased a new position in Berry Global Group, Inc. (NYSE:BERY) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 13,600 shares of the industrial products company’s stock, valued at approximately $800,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Shayne & Jacobs LLC grew its holdings in shares of Berry Global Group by 2.0% in the second quarter. Shayne & Jacobs LLC now owns 18,270 shares of the industrial products company’s stock valued at $1,075,000 after purchasing an additional 360 shares in the last quarter. Blue Trust Inc. grew its stake in Berry Global Group by 68.8% in the second quarter. Blue Trust Inc. now owns 1,536 shares of the industrial products company’s stock worth $93,000 after purchasing an additional 626 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Berry Global Group by 9.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 4,077 shares of the industrial products company’s stock valued at $240,000 after acquiring an additional 355 shares during the period. Curated Wealth Partners LLC boosted its holdings in Berry Global Group by 200.0% in the second quarter. Curated Wealth Partners LLC now owns 59,550 shares of the industrial products company’s stock worth $3,505,000 after acquiring an additional 119,100 shares in the last quarter. Finally, Sound Income Strategies LLC grew its stake in shares of Berry Global Group by 8.1% during the second quarter. Sound Income Strategies LLC now owns 59,118 shares of the industrial products company’s stock worth $3,479,000 after acquiring an additional 4,436 shares during the last quarter. 95.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BERY. StockNews.com raised shares of Berry Global Group from a “hold” rating to a “buy” rating in a report on Monday, August 12th. UBS Group reduced 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. Finally, Bank of America boosted their price target on Berry Global Group from $74.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Berry Global Group has an average rating of “Moderate Buy” and a consensus price target of $71.40.

Berry Global Group Stock Performance

Berry Global Group stock traded down $0.62 during midday trading on Tuesday, hitting $64.31. 97,104 shares of the company were exchanged, compared to its average volume of 1,067,786. Berry Global Group, Inc. has a fifty-two week low of $53.92 and a fifty-two week high of $69.93. The firm has a market capitalization of $7.36 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 1.33 and a beta of 1.17. The business has a fifty day simple moving average of $61.84 and a two-hundred day simple moving average of $60.11. The company has a debt-to-equity ratio of 2.64, a quick ratio of 1.01 and a current ratio of 1.74.

Berry Global Group (NYSE:BERY) last issued its quarterly earnings data on Friday, August 2nd. The industrial products company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.16. Berry Global Group had a net margin of 4.12% and a return on equity of 26.55%. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the prior year, the firm posted $1.90 earnings per share. The company’s revenue was down 2.1% compared to the same quarter last year. On average, sell-side analysts forecast that Berry Global Group, Inc. will post 7.44 earnings per share for the current year.

Berry Global Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.71%. The ex-dividend date is Tuesday, September 3rd. Berry Global Group’s payout ratio is currently 26.13%.

Insider Buying and Selling at Berry Global Group

In other Berry Global Group news, Director Peter T. Thomas bought 1,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were purchased at an average price of $59.50 per share, for a total transaction of $59,500.00. Following the transaction, the director now directly owns 4,407 shares of the company’s stock, valued at approximately $262,216.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 4.00% of the stock is owned by corporate insiders.

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.