Trade Report: Today, Berry Plastics Group Inc. (BERY) Coverage Initiated at Jefferies Group

Today, Berry Plastics Group Inc. (BERY) Coverage Initiated at Jefferies Group

Equities researchers at Jefferies Group initiated coverage on shares of Berry Plastics Group Inc. (NYSE:BERY) in a research report issued on Thursday. The brokerage set a “buy” rating and a $52.00 price target on the stock. Jefferies Group’s price objective suggests a potential upside of 16.85% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Berry Plastics Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 11th. JPMorgan Chase & Co. started coverage on shares of Berry Plastics Group in a research report on Tuesday, September 13th. They set an “overweight” rating and a $54.00 price target for the company. Deutsche Bank AG reissued a “buy” rating and set a $56.00 price target (up previously from $52.00) on shares of Berry Plastics Group in a research report on Monday, August 29th. Robert W. Baird increased their price target on shares of Berry Plastics Group from $48.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, August 26th. Finally, BMO Capital Markets increased their price target on shares of Berry Plastics Group from $37.00 to $43.00 and gave the company a “market perform” rating in a research report on Friday, August 26th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Berry Plastics Group currently has an average rating of “Buy” and a consensus target price of $48.64.

Berry Plastics Group (NYSE:BERY) opened at 44.50 on Thursday. The stock’s 50 day moving average is $44.51 and its 200-day moving average is $40.16. The firm has a market capitalization of $5.41 billion, a PE ratio of 26.61 and a beta of 1.08. Berry Plastics Group has a one year low of $27.79 and a one year high of $46.26.

Berry Plastics Group (NYSE:BERY) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.21. Berry Plastics Group had a net margin of 3.41% and a return on equity of 1,464.14%. The company earned $1.65 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the company earned $0.51 EPS. The firm’s revenue was up 32.6% on a year-over-year basis. On average, analysts anticipate that Berry Plastics Group will post $2.34 EPS for the current fiscal year.

In related news, President Curt Begle sold 16,143 shares of the stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $40.25, for a total value of $649,755.75. Following the completion of the transaction, the president now directly owns 45,263 shares in the company, valued at approximately $1,821,835.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.70% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. acquired a new position in shares of Berry Plastics Group during the second quarter valued at about $121,000. Public Employees Retirement Association of Colorado acquired a new position in shares of Berry Plastics Group during the second quarter valued at about $151,000. Acrospire Investment Management LLC acquired a new position in shares of Berry Plastics Group during the first quarter valued at about $159,000. Westpac Banking Corp raised its position in shares of Berry Plastics Group by 95.4% in the second quarter. Westpac Banking Corp now owns 6,878 shares of the company’s stock valued at $199,000 after buying an additional 3,358 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC acquired a new position in shares of Berry Plastics Group during the second quarter valued at about $244,000. Institutional investors own 96.55% of the company’s stock.

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