Berry Global Group (NYSE:BERY) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Berry Global Group (NYSE:BERY) from a sell rating to a hold rating in a report published on Monday, Zacks.com reports. Zacks Investment Research currently has $57.00 price target on the industrial products company’s stock.
According to Zacks, “Over the past six months, Berry Global's shares have outperformed the industry. We believe that the company is well placed to benefit from acquisitions it made over time. Clopay Plastic Products and Laddawn, both acquired in fiscal 2018, have been strengthening the company's operations. Also, the recently acquired RPC Group will enhance growth opportunities by creating a leader in the plastic and recycled packaging industry. To add, business restructuring initiatives will help the company offer better services to customers and enhance shareholders' value. However, it faces headwinds from rising costs, forex woes and huge debts. For fiscal 2019, Berry Global predicts interest expenses to be roughly $270 million, up from $259 million in fiscal 2018. In addition, the company's acquisitive nature adds to the integration risks.”
A number of other brokerages have also recently commented on BERY. BMO Capital Markets cut MDC Partners from an outperform rating to a market perform rating and set a $2.53 price target on the stock. in a research report on Monday, March 11th. Bank of America set a $30.00 price target on L Brands and gave the stock a hold rating in a research report on Thursday, May 23rd. Finally, Morgan Stanley set a $60.00 price target on Berry Global Group and gave the stock a hold rating in a research report on Wednesday, April 17th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has an average rating of Buy and a consensus price target of $60.60.
Berry Global Group (NYSE:BERY) last issued its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $0.84 EPS for the quarter, missing the Zacks’ consensus estimate of $0.98 by ($0.14). Berry Global Group had a return on equity of 32.42% and a net margin of 5.03%. The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the previous year, the business posted $0.84 EPS. The firm’s revenue for the quarter was down .9% on a year-over-year basis. Research analysts anticipate that Berry Global Group will post 3.54 earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the stock. Mark Sheptoff Financial Planning LLC boosted its stake in Berry Global Group by 66.7% in the first quarter. Mark Sheptoff Financial Planning LLC now owns 500 shares of the industrial products company’s stock valued at $27,000 after buying an additional 200 shares in the last quarter. Icon Wealth Partners LLC acquired a new stake in Berry Global Group in the first quarter valued at about $27,000. Private Capital Group LLC boosted its stake in Berry Global Group by 236.5% in the first quarter. Private Capital Group LLC now owns 1,033 shares of the industrial products company’s stock valued at $56,000 after buying an additional 726 shares in the last quarter. First Interstate Bank boosted its stake in Berry Global Group by 29.6% in the first quarter. First Interstate Bank now owns 1,509 shares of the industrial products company’s stock valued at $81,000 after buying an additional 345 shares in the last quarter. Finally, First Hawaiian Bank boosted its stake in Berry Global Group by 49.7% in the first quarter. First Hawaiian Bank now owns 2,522 shares of the industrial products company’s stock valued at $136,000 after buying an additional 837 shares in the last quarter. 95.49% 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. 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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