Berry Global Gr (NYSE:BERY) Stock, Quote.Headers.trade-ideas

Berry Global Gr

Berry global Group Inc is a leading global supplier of plastic packaging products mainly sold to consumer-oriented end markets. The four business segments are consumer packaging international, consumer packaging North America, engineered materials, and health, hygiene, and specialties. The company primarily uses plastic resin as its raw material, purchased from a variety of suppliers. The majority of revenue comes from consumer packaging international due to the acquisition of RPC, which expanded the geographical areas in which the company operates. The consumer packaging segment consists of closures and dispensing systems, pharmaceutical devices and packaging, bottles and canisters, polythene films, recycling, containers, and technical components.

Berry Global Group

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BERY

Have you assessed how the international operations of Berry Global (NYSE: BERY) performed in the quarter ended March 2024?

Deciphering Berry Global International Revenue Trends

Earnings

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Guidance

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General

Berry Global Group shares decline as Q2 revenue misses expectations despite beating EPS estimates, with net sales down 6% year over year.

Why Is Berry Global Group Stock Falling Today?

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Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.

Netflix To Rally Over 15%? Here Are 10 Top Analyst Forecasts For Wednesday

Berry Global Group Inc

Morgan Stanley analyst Stefan Diaz initiates coverage on Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) with a Equal-Weight rating and announces Price Target of $76.

Initiation

Morgan Stanley Initiates Coverage On Berry Global Gr with Equal-Weight Rating, Announces Price Target of $76

<ul>
<li>Cash flow from operations of&nbsp;$1.4-$1.5 billion; free cash flow of&nbsp;$800-$900 million</li>
<li>Committed to being 3.5x leverage or lower and within our long-term targeted range</li>
</ul>

Berry Now Sees FY24 Adjusted EPS Of $7.60 Vs Prior View $7.35 - $7.85; Est $7.55

Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) reported quarterly earnings of $2.18 per share which beat the analyst consensus estimate of $2.06 by 5.83 percent. This is a 14.74 percent increase over earnings of $1.90 per share from the same period last year. The company reported quarterly sales of $3.161 billion which missed the analyst consensus estimate of $3.255 billion by 2.90 percent. This is a 2.11 percent decrease over sales of $3.229 billion the same period last year.

Earnings Beats

Earnings Misses

Berry Global Gr Q3 2024 Adj. EPS $2.18 Beats $2.06 Estimate, Sales $3.161B Miss $3.255B Estimate

Berry Global Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) and Glatfelter Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) announced that the proposed merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films ("HHNF") business with Glatfelter progressed further today with the creation of the Magnera brand (pronounced ‘Mag-nair-uh'), a global leader in the specialty materials industry.

Berry And Glatfelter Announce New Brand Name In Connection With Proposed Merger Of Berry's Health, Hygiene And Specialties Global Nonwovens And Films Business And Glatfelter, With The Creation Of The Magnera Brand

UBS analyst Joshua Spector maintains Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) with a Buy and lowers the price target from $89 to $77.

UBS Maintains Buy on Berry Global Gr, Lowers Price Target to $77

Berry Global And Glatfelter Announced The Achievement Of An Additional Regulatory Milestone In The Proposed Transaction Involving The Combination Of A Majority Of Berry's Health, Hygiene And Specialties Segment

The closing of the private placement offering is expected to occur on or about May 28, 2024, subject to the satisfaction of customary closing conditions.
The Notes will bear interest at a rate of&nbsp;5.800%, payable semiannually, in cash in arrears, on June 15 and December 15 of each year, commencing on December 15, 2024. The Notes will mature on June 15, 2031.

Reported Earlier, Berry Global Group Prices Private Placement Of First Priority Senior Secured Notes Valued At $800M

B of A Securities analyst George Staphos maintains Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) with a Buy and raises the price target from $74 to $81.

B of A Securities Maintains Buy on Berry Global Gr, Raises Price Target to $81

Berry Global Group, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) shares are&nbsp;<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading lower on Thursday.</a>
The company reported second-quarter adjusted earnings per share of $1.95,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b38726288/berry-announces-second-quarter-2024-results" rel="noreferrer noopener">beating the street view of $1.91</a>.&nbsp;
Quarterly revenues of $3.076&nbsp;billion missed<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">&nbsp;the analyst consensus of $3.155 billion.</a>
Net sales decreased 6% year over year as the pass-through of lower resin prices had a 5% negative impact.&nbsp;
Volumes declined 2%, which was in line with&nbsp;the company&#8217;s&nbsp;expectations, and all four operating segments showed sequential volume improvement over the first quarter.
Operating income declined compared to the prior year quarter, reaching $208 million from $301 million. The decrease was primarily attributable to goodwill write-offs related to recent divestitures within the Consumer Packaging International segment.
Additionally, an unfavorable impact from volume and an unfavorable impact from price-cost spread related to the timing of passing through resin costs impacted the performance.
The company expects to be within its leverage target of 2.5x – 3.5x by the end of fiscal 2024 while also returning cash to shareholders during the year.
Berry declared a quarterly cash dividend of $0.275 per share,&nbsp;payable&nbsp;on June 17 to stockholders of record as of June 3.
Outlook: Berry reaffirms 2024 adjusted EPS outlook of $7.35-$7.85&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">versus consensus of $7.48</a>. The company sees cash flow from operations of $1.35 billion-$1.45 billion and free cash flow of $800 million-$900 million.
Price Action:&nbsp;BERY shares are trading lower by 2.82% to $59.53 at last check Thursday.

Berry Global Expects 2024 Adjusted EPS Of $7.35-$7.85 Versus Consensus Of $7.51, With Cash Flow From Operations Of $1.35B-$1.45B And Free Cash Flow Of $800M-$900M

Berry Global Gr Q2 2024 Adj EPS $1.95 Beats $1.91 Estimate, Sales $3.076B Miss $3.155B Estimate

The sale was completed on April 05, 2024.&nbsp;

NewHold Enterprises Announces Sale Of F&S Tool To Berry Global; Financial Terms Not disclosed

Berry Global Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) and Glatfelter Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLT#NYSE">GLT</a>) announced today the achievement of a regulatory milestone in the proposed transaction involving the combination of a majority of Berry&#39;s Health, Hygiene and Specialties segment to include its Global Nonwovens and Films business (&quot;HHNF&quot;) with Glatfelter, with the expiration of the required waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act. 
As previously announced on February 7, 2024, Berry and Glatfelter entered into a definitive agreement under which Berry will spin-off and merge its HHNF business with Glatfelter in a Reverse Morris Trust transaction. The transaction will create a leading, publicly-traded company in the specialty materials industry.
The transaction is expected to close in the second half of calendar 2024 and is subject to approval by Glatfelter shareholders and completion of customary closing conditions.

Berry Global And Glatfelter Reach Key Regulatory Step In Spin-Off And Merger Deal Involving Berry's Nonwovens And Films Business

Baird analyst Ghansham Panjabi downgrades Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) from Outperform to Neutral and lowers the price target from $68 to $65.

Downgrades

Baird Downgrades Berry Global Gr to Neutral, Lowers Price Target to $65

Truist Securities analyst Michael Roxland downgrades Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) from Buy to Hold and lowers the price target from $75 to $68.

Truist Securities Downgrades Berry Global Gr to Hold, Lowers Price Target to $68

RBC Capital Markets&nbsp;analyst&nbsp;Arun Viswanathan downgraded&nbsp;Berry Global Group, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) to Sector Perform (from Outperform) and cut the<a target="_blank" href="https://www.benzinga.com/quote/BERY/analyst-ratings" rel="noreferrer noopener">&nbsp;price target to $62.00 (from $72.00)</a>.
Although the analyst notes that the company is executing well on cost initiatives and generating FCF, he expects volumes to continue to be challenged in the near term and net price may be a headwind in the first half of FY24.
Viswanathan says low-single-digits volume growth is still possible but cautious in the near term, given customers moving away from the center of aisle products and weak European/Industrial demand.
Overall, the analyst specifies investors were hopeful that an outright sale of HH&amp;S would have removed some capital intensity from BERY and put EBITDA growth back on track after the segment failed to deliver the mid single digits percentage growth expected when it was acquired in 2015.&nbsp;
Viswanathan estimates adjusted EPS of $7.45 in 2024 and $8.25 in 2025.
Price Action: BERY shares are trading lower by 0.60% at $59.60 on the last check Friday.

Analyst Color

Mid Cap

Analyst Downgrades Berry Global: Is the Center of the Aisle Falling Out?

RBC Capital analyst Arun Viswanathan downgrades Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) from Outperform to Sector Perform and lowers the price target from $72 to $62.

RBC Capital Downgrades Berry Global Gr to Sector Perform, Lowers Price Target to $62

Mizuho has decided to maintain its Neutral rating of Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) and lower its price target from $74.00 to $65.00.
Shares of Berry Global Gr are trading down 0.4% over the last 24 hours, at $56.48 per share.
A move to $65.00 would account for a 15.08% increase from the current share price.
<h3>About Berry Global Gr</h3>
Berry global Group Inc is a leading global supplier of plastic packaging products mainly sold to consumer-oriented end markets. The four business segments are consumer packaging international, consumer packaging North America, engineered materials, and health, hygiene, and specialties. The company primarily uses plastic resin as its raw material, purchased from a variety of suppliers. The majority of revenue comes from consumer packaging international due to the acquisition of RPC, which expanded the geographical areas in which the company operates. The consumer packaging segment consists of closures and dispensing systems, pharmaceutical devices and packaging, bottles and canisters, polythene films, recycling, containers, and technical components.
<h3>About Analyst Ratings</h3>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along with analyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Mizuho Maintains Neutral Rating for Berry Global Gr: Here's What You Need To Know

Mizuho analyst John Roberts maintains Berry Global Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BERY#NYSE">BERY</a>) with a Neutral and lowers the price target from $74 to $65.

Mizuho Maintains Neutral on Berry Global Gr, Lowers Price Target to $65-Report released on 7th February 2024

WIIM

Berry Global shares are trading lower after the company reported below-consensus first-quarter FY24 results and disclosed a deal for a tax-free spin-off and merger of Berry's Health.

Berry Global Group, Inc. (BERY) Q3 2024 Earnings Call Transcript

Berry Global Group (BERY – Research Report), the Consumer Cyclical sector company, was revisited by a Wall Street analyst on August 2. Analyst Geor...

Buy Rating Affirmed for Berry Global Group on Resilient Growth and Strategic Positioning

Analyst Edlain Rodriguez of Mizuho Securities maintained a Hold rating on Berry Global Group (BERY – Research Report), boosting the price target to...

Berry Global Group Holds Steady: Modest Volume Growth and Consistent Profitability Prompt a Hold Rating

In a report released today, Michael Roxland from Truist Financial maintained a Hold rating on Berry Global Group (BERY – Research Report), with a p...

Truist Financial Remains a Hold on Berry Global Group (BERY)

In a report released today, Philip Ng from Jefferies maintained a Buy rating on Berry Global Group (BERY – Research Report), with a price target of...

Berry Global Group (BERY) Gets a Buy from Jefferies

Barclays analyst Michael Leithead maintained a Hold rating on Berry Global Group (BERY – Research Report) today and set a price target of $64.00. T...

Berry Global Group (BERY) Gets a Hold from Barclays

Robert W. Baird analyst Ghansham Panjabi has maintained their neutral stance on BERY stock, giving a Hold rating yesterday. Ghansham Panjabi has gi...

Hold Rating on Berry Global Group Amid Operational Improvements and Industry Challenges

Berry Global: Trading At A 10% Free Cash Flow Yield

In a report released today, Michael Leithead from Barclays maintained a Hold rating on Berry Global Group (BERY – Research Report), with a price ta...

Barclays Reaffirms Their Hold Rating on Berry Global Group (BERY)

An announcement from Berry Global Group ( ($BERY) ) is now available. Berry Global Group, Inc. announced the appointment of James T. Glerum, Jr. to...

Berry Global Group Enhances Board with New Director

Press Releases

Berry Global Group, Inc. to Release Third Fiscal Quarter 2024 Results on August 2, 2024

Berry Helps Wells Create Widely Recyclable Blue Bunny Twist Pints

Berry and Glatfelter Announce New Brand Name and Identity in Connection with Proposed Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business and Glatfelter

Berry Declares Quarterly Dividend

Berry Announces Third Quarter 2024 Results

Management

Berry and Glatfelter Announce Magnera Board of Director Appointments in Connection With Proposed Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business With Glatfelter

James T. Glerum, Jr. Appointed to the Board of Directors of Berry Global Group, Inc.

Mondelēz International Makes Progress Toward Packaging Goals with Advanced Recycling Technology in Triscuit Packaging*

Berry Global and Glatfelter Announce Date of the Glatfelter Shareholder Meeting in Connection with the Proposed Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter

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Berry Global Gr

Berry Global Gr (BERY) Forecast

Berry Global Gr (NYSE:BERY) Stock, Quote.Headers.trade-ideas