Berry Global Group (NYSE:BERY) Releases FY 2024 Earnings Guidance

Berry Global Group (NYSE:BERY - Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 7.350-7.850 for the period, compared to the consensus EPS estimate of 7.480. The company issued revenue guidance of -. Berry Global Group also updated its FY24 guidance to $7.35 to $7.85 EPS.

Berry Global Group Stock Down 2.4 %

Shares of NYSE BERY traded down $1.49 during trading hours on Thursday, hitting $59.77. 2,160,559 shares of the stock were exchanged, compared to its average volume of 1,131,962. The company has a market cap of $6.93 billion, a PE ratio of 12.85, a PEG ratio of 0.80 and a beta of 1.24. Berry Global Group has a 12 month low of $53.92 and a 12 month high of $69.93. The company has a quick ratio of 0.95, a current ratio of 1.67 and a debt-to-equity ratio of 2.62. The firm has a fifty day moving average price of $58.76 and a 200-day moving average price of $61.54.

Berry Global Group (NYSE:BERY - Get Free Report) last issued its earnings results on Wednesday, February 7th. The industrial products company reported $1.22 EPS for the quarter, missing analysts' consensus estimates of $1.29 by ($0.07). The firm had revenue of $2.85 billion during the quarter, compared to analysts' expectations of $2.99 billion. Berry Global Group had a net margin of 4.51% and a return on equity of 26.79%. Berry Global Group's quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 EPS. On average, sell-side analysts expect that Berry Global Group will post 7.38 EPS for the current year.

Berry Global Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.84%. Berry Global Group's payout ratio is currently 23.66%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Wolfe Research began coverage on shares of Berry Global Group in a research note on Friday, March 1st. They set a peer perform rating on the stock. Royal Bank of Canada restated a sector perform rating and set a $62.00 target price (down from $72.00) on shares of Berry Global Group in a research report on Friday, March 15th. UBS Group upped their price target on Berry Global Group from $76.00 to $89.00 and gave the stock a buy rating in a report on Tuesday, January 16th. Robert W. Baird reissued a neutral rating and issued a $65.00 price objective (down from $68.00) on shares of Berry Global Group in a report on Tuesday, April 16th. Finally, Barclays decreased their target price on Berry Global Group from $67.00 to $64.00 and set an equal weight rating on the stock in a research report on Monday, February 12th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Berry Global Group currently has an average rating of Hold and a consensus price target of $72.00.

Insiders Place Their Bets

In other news, Director Jonathan F. Foster acquired 1,000 shares of the company's stock in a transaction dated Monday, February 12th. The stock was acquired at an average cost of $58.49 per share, with a total value of $58,490.00. Following the completion of the purchase, the director now owns 5,728 shares of the company's stock, valued at approximately $335,030.72. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 4.00% of the stock is currently owned by corporate 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.