Activist Has Three Options for Plastics Maker Berry Global. The Goal Is to Get to $100. [MarketWatch]
Berry Global Group, Inc. (BERY)
Last berry global group, inc. earnings: 5/1 07:30 am
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Source: MarketWatch
Ancora believes any of those options, or a combination of some, can drive Berry shares to $100, up 50% from recent levels. Activist involvement has Berry Global (ticker: BERY) stock moving Monday. Shares were up about 1.4%. S&P 500 and Dow Jones Industrial Average futures rose about 0.7% and 0.5%, respectively. Ancora , which owns about 1% of Berry stock, sent a letter to management recently detailing its ideas. The investment manager sees a lot of value in the company and while acknowledging that Berry management “deserves credit for driving meaningful sales growth and earnings improvements in recent years,” Ancora believes management can do more to boost a valuation multiple that trails other packaging peers. Berry stock trades at less than 9 times estimated 2022 earnings. Shares of peers Sealed Air (SEE) and Amcor (AMCR) trade for about 15 times and 14 times estimated 2022 earnings, respectively. Buying back $1 billion in stock, or about 11% of the company, could give share
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BERY
Earnings
- 2/7/24 - Miss
BERY
Sec Filings
- 4/24/24 - Form 3
- 4/11/24 - Form 8-K
- 3/8/24 - Form 4
- BERY's page on the SEC website