Zacks Investment Research cut shares of Berry Plastics Group Inc. (NYSE:BERY) from a strong-buy rating to a hold rating in a research note published on Tuesday.
According to Zacks, “Berry Plastics Group, Inc. is a manufacturer and marketer of value-added plastic consumer packaging and engineered materials. The Company operates in three segments: Rigid Packaging, Engineered Materials and Flexible Packaging. Its rigid packaging products include containers, thermoformed polypropylene and injection-molded plastic drink cups, plastic home and party items, plastic garden products, closures, aerosol overcaps, polyethylene and PET bottles and plastic squeeze tubes for food and beverage, retail mass, healthcare, personal care, and household chemical consumer-oriented end markets. Berry’s flexible packaging products comprises of mono layer and coextruded films; barrier films for cereal, cookie, cracker, and dry mix packages; lamination films for carpet padding; films used for solar panel construction; component and packaging films; printed products; and coated and laminated packaging products. Berry Plastics Group, Inc. is headquartered in Evansville, Indiana. “
A number of other equities analysts have also weighed in on the company. Deutsche Bank AG restated a buy rating and issued a $56.00 target price (up from $52.00) on shares of Berry Plastics Group in a research note on Monday, August 29th. Credit Suisse Group AG upped their target price on Berry Plastics Group from $48.00 to $52.00 and gave the stock an outperform rating in a research note on Friday, August 12th. Robert W. Baird upped their target price on Berry Plastics Group from $48.00 to $55.00 and gave the stock an outperform rating in a research note on Friday, August 26th. BMO Capital Markets upped their target price on Berry Plastics Group from $37.00 to $43.00 and gave the stock a market perform rating in a research note on Friday, August 26th. Finally, SunTrust Banks Inc. initiated coverage on Berry Plastics Group in a research note on Tuesday, July 12th. They issued a neutral rating and a $42.00 target price on the stock. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $48.64.
Berry Plastics Group (NYSE:BERY) opened at 44.50 on Tuesday. Berry Plastics Group has a 1-year low of $27.79 and a 1-year high of $46.26. The firm has a market capitalization of $5.41 billion, a price-to-earnings ratio of 26.61 and a beta of 1.08. The company has a 50 day moving average price of $44.51 and a 200-day moving average price of $40.16.
Berry Plastics Group (NYSE:BERY) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.21. The business had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Berry Plastics Group had a return on equity of 1,464.14% and a net margin of 3.41%. The firm’s quarterly revenue was up 32.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 EPS. On average, analysts forecast that Berry Plastics Group will post $2.34 EPS for the current fiscal year.
In other Berry Plastics Group news, President Curt Begle sold 15,266 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $44.05, for a total value of $672,467.30. Following the completion of the sale, the president now owns 33,854 shares in the company, valued at approximately $1,491,268.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.70% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Newbrook Capital Advisors LP acquired a new stake in Berry Plastics Group during the first quarter valued at $76,125,000. Massachusetts Financial Services Co. MA boosted its stake in Berry Plastics Group by 100.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,764,447 shares of the company’s stock valued at $107,399,000 after buying an additional 1,385,228 shares during the period. Boston Partners boosted its stake in Berry Plastics Group by 20.8% in the second quarter. Boston Partners now owns 7,068,663 shares of the company’s stock valued at $274,617,000 after buying an additional 1,218,267 shares during the period. Goldman Sachs Group Inc. boosted its stake in Berry Plastics Group by 33.2% in the first quarter. Goldman Sachs Group Inc. now owns 3,169,686 shares of the company’s stock valued at $114,584,000 after buying an additional 789,332 shares during the period. Finally, Anchor Bolt Capital LP boosted its stake in Berry Plastics Group by 12.6% in the second quarter. Anchor Bolt Capital LP now owns 5,423,958 shares of the company’s stock valued at $210,721,000 after buying an additional 605,040 shares during the period. Institutional investors and hedge funds own 96.50% of the company’s stock.
About Berry Plastics Group
Berry Plastics Group, Inc is a provider of plastic consumer packaging and engineered materials. The Company offers a range of products, including specialty closures, prescription vials, specialty films, adhesives, corrosion protection materials, as well as drink cups, thin-wall containers and bottles.