1. Berry Global Group, Inc. (NYSE:BERY)
Number of Hedge Fund Holders: 49
Berry Global Group, Inc. (NYSE:BERY) manufactures and markets plastic packaging products. On May 24, Truist Securities upgraded Berry Global Group, Inc. (NYSE:BERY)’s rating from Hold to Buy. The upgrade is attributed to the management’s strengthened commitment and urgency towards implementing cost saving measures in the near future. Truist also raised its price target on the stock to $73 from $69. Berry Global Group, Inc. (NYSE:BERY) is one of the top rubber and plastic stocks to invest in.
According to Insider Monkey’s first quarter database, 49 hedge funds were bullish on Berry Global Group, Inc. (NYSE:BERY), compared to 47 funds in the prior quarter. Canyon Capital Advisors is the biggest stakeholder of the company, with 2.75 million shares worth $162.2 million.
Bonhoeffer Capital Management made the following comment about Berry Global Group, Inc. (NYSE:BERY) in its Q3 2022 investor letter:
“Berry Global Group, Inc. (NYSE:BERY) is the largest rigid and flexible plastic and nonwovens packaging firm serving home, health and personal care, and food and beverage customers located in the United States, Europe, and emerging markets. BERY is part of Bonhoeffer’s consolidation theme and has characteristics of a public LBO. BERY is the Rodney Dangerfield of plastic packaging firms in that they have reduced debt to peer levels and the valuation of 7.3x earnings has not rerated to peer levels of 13-14x earnings. Over time, as BERY repurchases shares, the rerating should accelerate.
BERY is consolidating the plastic and nonwoven packaging industry in the US, European, and emerging markets. BERY has historically been the low-cost producer of the packaging market. In 2019, BERY made its largest acquisition-RPC, a European-centered competitor whose focus was more on the custom portion of the packaging market-for $3.5 billion. BERY financed the acquisition with debt which increased BERY’s Debt/EBITDA to close to 5.3x. RPC increased BERY’s footprint in Europe, as well as in the emerging markets. BERY generates 50% of its revenue from the US and Canada, 35% from Europe, and 15% from emerging markets…”(Click here to read the full text)
Follow Berry Global Group Inc. (NYSE:BERY)
Follow Berry Global Group Inc. (NYSE:BERY)
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out 20 Biggest Health Insurance Companies in the US and 15 Best Places to Retire in the Caribbean.
