PNC Financial Services Group Inc. Sells 7,285 Shares of Berry Global Group, Inc. (NYSE:BERY)

PNC Financial Services Group Inc. reduced its position in Berry Global Group, Inc. (NYSE:BERY) by 25.8% during the third quarter, HoldingsChannel reports. The firm owned 20,967 shares of the industrial products company’s stock after selling 7,285 shares during the period. PNC Financial Services Group Inc.’s holdings in Berry Global Group were worth $1,425,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Altshuler Shaham Ltd acquired a new position in Berry Global Group in the second quarter valued at $27,000. Quest Partners LLC raised its position in shares of Berry Global Group by 54,800.0% in the 2nd quarter. Quest Partners LLC now owns 549 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 548 shares in the last quarter. LRI Investments LLC boosted its position in shares of Berry Global Group by 1,309.1% during the 2nd quarter. LRI Investments LLC now owns 620 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 576 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Berry Global Group during the 2nd quarter valued at about $42,000. Finally, American Capital Advisory LLC acquired a new stake in Berry Global Group during the second quarter worth approximately $44,000. 95.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on BERY. UBS Group cut Berry Global Group from a “buy” rating to a “neutral” rating and cut their price target for the stock from $82.00 to $75.00 in a report on Friday, November 22nd. StockNews.com upgraded shares of Berry Global Group from a “hold” rating to a “buy” rating in a report on Monday. Citigroup reaffirmed a “neutral” rating and issued a $76.00 price target on shares of Berry Global Group in a research note on Monday. JPMorgan Chase & Co. reissued an “overweight” rating and set a $76.00 price objective (up previously from $70.00) on shares of Berry Global Group in a research report on Monday. Finally, Royal Bank of Canada raised their target price on Berry Global Group from $69.00 to $73.00 and gave the company a “sector perform” rating in a research note on Thursday, November 21st. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Berry Global Group presently has an average rating of “Hold” and a consensus price target of $72.73.

Berry Global Group Trading Down 1.1 %

Shares of Berry Global Group stock opened at $70.73 on Wednesday. The company has a current ratio of 0.41, a quick ratio of 0.26 and a debt-to-equity ratio of 2.57. The stock has a fifty day simple moving average of $68.30 and a 200 day simple moving average of $64.53. Berry Global Group, Inc. has a 12-month low of $54.06 and a 12-month high of $73.31. The company has a market capitalization of $8.11 billion, a P/E ratio of 16.11, a price-to-earnings-growth ratio of 1.40 and a beta of 1.14.

Berry Global Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.31 dividend. The ex-dividend date is Monday, December 2nd. This represents a $1.24 annualized dividend and a dividend yield of 1.75%. This is an increase from Berry Global Group’s previous quarterly dividend of $0.28. Berry Global Group’s dividend payout ratio is currently 25.06%.

Insider Activity at Berry Global Group

In related news, Director Evan Bayh sold 14,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $70.13, for a total transaction of $981,820.00. Following the completion of the sale, the director now directly owns 30,228 shares of the company’s stock, valued at approximately $2,119,889.64. This trade represents a 31.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.00% of the stock is owned by 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.