Berry Global Group Inc. (NYSE:) Director Evan Bayh recently sold 14,000 shares of the company’s common stock, according to a recent SEC filing. The shares were sold at an average price of $70.13 per share, totaling approximately $981,819.
The transaction took place on October 15, 2024. Prior to this sale, Bayh had exercised stock options to acquire 14,000 shares at a price of $28.75 per share. Following these transactions, Bayh retains ownership of 30,228 shares of Berry Global’s common stock.
The sale was conducted under a pre-arranged 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for buying or selling stock. Berry Global Group, headquartered in Evansville, Indiana, is a leading provider of plastic packaging products.
In other recent news, Berry Global Group has made significant strides in its operations, with notable developments in its board appointments, merger activities, and financial performance. The company recently welcomed James T. Glerum, Jr., a seasoned investment banking professional, to its Board of Directors. Furthermore, in anticipation of the merger between Berry’s Health, Hygiene and Specialties Global Nonwovens and Films business and Glatfelter, Berry Global Group and Glatfelter Corporation have announced the addition of new directors for the soon-to-be-formed Magnera Corporation.
In terms of financial performance, Berry Global Group reported a 2% organic volume growth and a 16% increase in adjusted earnings per share (EPS) in the Q3 2024 earnings call. The company also observed a 6% rise in operating EBITDA compared to the same quarter in the previous year. Berry Global Group reaffirmed its fiscal 2024 guidance, projecting low single-digit volume growth for the fourth fiscal quarter and committing to a year-end leverage ratio of 3.5x or lower.
These recent developments reflect Berry Global Group’s strategic efforts to enhance efficiency, drive growth, and provide value to stakeholders. As such, they serve as important indicators for investors tracking the company’s progress.
InvestingPro Insights
Berry Global Group Inc. (NYSE:BERY) has been showing strong market performance, aligning with Director Evan Bayh’s recent stock transactions. According to InvestingPro data, the company’s stock is trading near its 52-week high, with a substantial 25.84% price total return over the past six months. This upward trend is further supported by an InvestingPro Tip indicating a large price uptick over the last six months.
The company’s financial health appears robust, with a market capitalization of $8.02 billion and a revenue of $12.18 billion in the last twelve months as of Q3 2024. Berry Global’s profitability is highlighted by an InvestingPro Tip stating that analysts predict the company will be profitable this year, which is consistent with its reported profitability over the last twelve months.
Investors may find Berry Global’s valuation attractive, as suggested by an InvestingPro Tip noting that the current valuation implies a strong free cash flow yield. This is complemented by a relatively modest P/E ratio of 14.59, indicating potential value for shareholders.
For those interested in a deeper analysis, InvestingPro offers additional insights with 8 more tips available for Berry Global, providing a comprehensive view of the company’s financial position and market prospects.
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