Berry Plastics Group Inc. (BERY) Stock Rating Lowered by Zacks Investment Research
Berry Plastics Group Inc. (NYSE:BERY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.
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. “
Other analysts have also issued research reports about the company. Credit Suisse Group AG upped their price objective on Berry Plastics Group from $48.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, August 12th. Royal Bank Of Canada boosted their target price on Berry Plastics Group from $44.00 to $47.00 and gave the stock an “outperform” rating in a research report on Thursday, August 11th. RBC Capital Markets reaffirmed an “outperform” rating and set a $47.00 target price (up from $44.00) on shares of Berry Plastics Group in a research report on Saturday, August 13th. Jefferies Group began coverage on Berry Plastics Group in a research report on Thursday. They set a “buy” rating and a $52.00 target price on the stock. Finally, SunTrust Banks Inc. began coverage on Berry Plastics Group in a research report on Tuesday, July 12th. They set a “neutral” rating and a $42.00 target price on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the stock. Berry Plastics Group presently has an average rating of “Buy” and a consensus price target of $48.64.
Berry Plastics Group (NYSE:BERY) traded up 0.22% during mid-day trading on Monday, hitting $44.60. 908,130 shares of the company were exchanged. Berry Plastics Group has a 12 month low of $27.79 and a 12 month high of $46.26. The stock has a market cap of $5.42 billion, a price-to-earnings ratio of 26.67 and a beta of 1.08. The firm 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 announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.21. The business earned $1.65 billion during the quarter, compared to analyst estimates of $1.68 billion. Berry Plastics Group had a return on equity of 1,464.14% and a net margin of 3.41%. The company’s revenue was up 32.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 earnings per share. Analysts anticipate that Berry Plastics Group will post $2.34 EPS for the current fiscal year.
In other Berry Plastics Group news, President Curt Begle sold 16,143 shares of the company’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $40.25, for a total value of $649,755.75. Following the transaction, the president now directly owns 45,263 shares of the company’s stock, valued at approximately $1,821,835.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.70% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Bayesian Capital Management LP purchased a new position in shares of Berry Plastics Group during the first quarter valued at $271,000. Nuveen Asset Management LLC increased its stake in Berry Plastics Group by 50.2% in the first quarter. Nuveen Asset Management LLC now owns 102,876 shares of the company’s stock valued at $3,719,000 after buying an additional 34,405 shares during the period. HBK Investments L P increased its stake in Berry Plastics Group by 7.3% in the first quarter. HBK Investments L P now owns 140,618 shares of the company’s stock valued at $5,083,000 after buying an additional 9,601 shares during the period. Hancock Holding Co. increased its stake in Berry Plastics Group by 11.7% in the first quarter. Hancock Holding Co. now owns 24,105 shares of the company’s stock valued at $871,000 after buying an additional 2,534 shares during the period. Finally, Newbrook Capital Advisors LP bought a new stake in Berry Plastics Group during the first quarter valued at about $76,125,000. 96.55% of the stock is currently owned by institutional investors.
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.
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