Does This Provide a Reason to Sell Berry Global Group, Inc. (BERY)? The Stock Has Formed Bearish Double Bottom Pattern

October 2, 2018 - By Ruchi Gupta

Investors sentiment decreased to 0.87 in 2018 Q2. Its down 0.34, from 1.21 in 2018Q1. It worsened, as 54 investors sold Berry Global Group, Inc. shares while 98 reduced holdings. 51 funds opened positions while 81 raised stakes. 115.78 million shares or 1.96% less from 118.10 million shares in 2018Q1 were reported.
Green Square Cap Ltd Company accumulated 0.06% or 8,593 shares. Ftb Advisors stated it has 741 shares. Cipher Ltd Partnership stated it has 0.56% of its portfolio in Berry Global Group, Inc. (NYSE:BERY). Dekabank Deutsche Girozentrale holds 0% in Berry Global Group, Inc. (NYSE:BERY) or 3,796 shares. Swiss Financial Bank reported 229,418 shares or 0.01% of all its holdings. Credit Suisse Ag owns 161,938 shares. Bb&T Llc has invested 0% of its portfolio in Berry Global Group, Inc. (NYSE:BERY). Moreover, Mai Capital Mgmt has 0.02% invested in Berry Global Group, Inc. (NYSE:BERY) for 6,237 shares. Pub Employees Retirement Association Of Colorado has 0.01% invested in Berry Global Group, Inc. (NYSE:BERY). Adage Cap Prtn Ltd Llc stated it has 0.36% in Berry Global Group, Inc. (NYSE:BERY). Walleye Trading Llc owns 131,842 shares for 0.03% of their portfolio. Moreover, Orbis Inv Mngmt (Us) Limited Liability Company has 2.82% invested in Berry Global Group, Inc. (NYSE:BERY) for 81,130 shares. Moreover, Fifth Third Financial Bank has 0.38% invested in Berry Global Group, Inc. (NYSE:BERY) for 1.22 million shares. Ellington Mgmt Gru Ltd Liability Corporation invested in 5,600 shares or 0.02% of the stock. Baker Avenue Asset Mngmt Ltd Partnership invested 0.06% in Berry Global Group, Inc. (NYSE:BERY).

The chart of Berry Global Group, Inc. (BERY) shows a double bottom with $43.86 target or 9.00 % below today’s $48.20 share price. The 6 months chart pattern indicates high risk for the $6.35 billion company. It was reported on Oct, 2 by Finviz.com. If the $43.86 price target is reached, the company will be worth $571.77 million less. Double bottoms are rare but powerful chart patterns.

The stock decreased 0.39% or $0.19 during the last trading session, reaching $48.2. About 1.19 million shares traded. Berry Global Group, Inc. (NYSE:BERY) has declined 14.67% since October 2, 2017 and is downtrending. It has underperformed by 30.29% the S&P500.

Analysts await Berry Global Group, Inc. (NYSE:BERY) to report earnings on November, 15. They expect $0.89 earnings per share, up 2.30 % or $0.02 from last year’s $0.87 per share. BERY’s profit will be $117.31M for 13.54 P/E if the $0.89 EPS becomes a reality. After $0.96 actual earnings per share reported by Berry Global Group, Inc. for the previous quarter, Wall Street now forecasts -7.29 % negative EPS growth.

Berry Global Group, Inc. (NYSE:BERY) Ratings Coverage

Among 4 analysts covering Berry Global Group (NYSE:BERY), 4 have Buy rating, 0 Sell and 0 Hold. Therefore 100% are positive. Berry Global Group had 5 analyst reports since April 5, 2018 according to SRatingsIntel. Citigroup maintained Berry Global Group, Inc. (NYSE:BERY) rating on Friday, May 4. Citigroup has “Buy” rating and $64 target. Credit Suisse maintained Berry Global Group, Inc. (NYSE:BERY) rating on Friday, April 27. Credit Suisse has “Outperform” rating and $71 target. The stock of Berry Global Group, Inc. (NYSE:BERY) earned “Buy” rating by Bank of America on Friday, May 4. The firm earned “Buy” rating on Thursday, April 5 by Citigroup.

Berry Global Group, Inc. manufactures and distributes engineered materials, nonwoven specialty materials, and consumer packaging products. The company has market cap of $6.35 billion. The firm operates through three divisions: Engineered Materials; Health, Hygiene & Specialties; and Consumer Packaging. It has a 13.87 P/E ratio. It offers engineered materials, including stretch and shrink films, and converter films; trash-can liners and food bags; cloth and foil, splicing and laminating, flame-retardant, vinyl-coated and carton sealing, electrical, double-faced cloth, masking, mounting, OEM, and medical and specialty tapes; and food and consumer films, retail bags, and polyvinyl chloride films.

Berry Global Group, Inc. (NYSE:BERY) Ratings Chart

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