Is Buying Berry Global Group Inc (BERY) Here a Winning Strategy? The Stock Formed Bullish Multiple Top Pattern

September 17, 2017 - By Hazel Jackson

Investors sentiment decreased to 1.01 in Q4 2016. Its down 0.22, from 1.23 in 2016Q3. It fall, as 32 investors sold Berry Global Group Inc shares while 126 reduced holdings. 66 funds opened positions while 93 raised stakes. 120.22 million shares or 0.46% less from 120.78 million shares in 2016Q3 were reported.
Affinity Inv Advsrs Ltd Limited Liability Company has 63,280 shares. Nationwide Fund accumulated 0.09% or 447,055 shares. Navellier Associates has invested 0.2% of its portfolio in Berry Global Group Inc (NYSE:BERY). Bridgeway Cap accumulated 11,100 shares or 0.01% of the stock. First Mercantile Trust holds 0.15% or 20,055 shares. Moreover, Three Peaks Capital Limited Liability has 1.73% invested in Berry Global Group Inc (NYSE:BERY) for 230,169 shares. Moreover, Zweig has 1.13% invested in Berry Global Group Inc (NYSE:BERY). Nicholas Ptnrs Limited Partnership accumulated 153,286 shares. Kcg, a New Jersey-based fund reported 77,076 shares. The United Kingdom-based Rwc Asset Management Ltd Liability Partnership has invested 0.39% in Berry Global Group Inc (NYSE:BERY). Symphony Asset Mngmt Lc holds 0.07% or 13,962 shares. Lonestar Cap Mgmt Ltd reported 500,000 shares. Frontier Cap Mgmt Communication Limited Liability Corp has invested 1% in Berry Global Group Inc (NYSE:BERY). Art Limited Liability Company reported 0.15% stake. Westfield Cap Lp holds 0.66% or 1.53M shares.

The stock of Berry Global Group Inc (BERY) shows a multiple tops pattern with $61.64 target or 9.00 % above today’s $56.55 share price. The 6 months chart pattern indicates low risk for the $7.37B company. It was reported on Sep, 17 by If the $61.64 price target is reached, the company will be worth $663.30M more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 0.18% or $0.1 on September 15, reaching $56.55. About 895,665 shares traded or 8.40% up from the average. Berry Global Group Inc (NYSE:BERY) has risen 47.68% since September 17, 2016 and is uptrending. It has outperformed by 30.98% the S&P500.

Wall Street await Berry Global Group Inc (NYSE:BERY) to release earnings on December, 5. Analysts forecast earnings per share of $0.79, up exactly $0.06 or 8.22 % from 2014’s $0.73 EPS. The expected BERY’s profit could reach $102.96 million giving the stock 17.90 P/E in the case that $0.79 earnings per share is reported. After posting $0.93 EPS for the previous quarter, Berry Global Group Inc’s analysts now forecast -15.05 % negative EPS growth.

Berry Global Group Inc (NYSE:BERY) Ratings Coverage

Among 16 analysts covering Berry Plastics Group Inc (NYSE:BERY), 13 have Buy rating, 0 Sell and 3 Hold. Therefore 81% are positive. Berry Plastics Group Inc had 40 analyst reports since August 3, 2015 according to SRatingsIntel. The firm earned “Buy” rating on Wednesday, November 18 by Deutsche Bank. The firm has “Hold” rating by BMO Capital Markets given on Friday, June 2. As per Monday, June 26, the company rating was upgraded by Suntrust Robinson. The stock of Berry Global Group Inc (NYSE:BERY) has “Outperform” rating given on Tuesday, November 10 by Macquarie Research. Jefferies maintained Berry Global Group Inc (NYSE:BERY) on Friday, July 14 with “Buy” rating. The firm earned “Outperform” rating on Friday, August 12 by Credit Suisse. The firm earned “Buy” rating on Monday, August 14 by RBC Capital Markets. On Monday, August 7 the stock rating was maintained by Barclays Capital with “Overweight”. The firm has “Neutral” rating given on Wednesday, July 13 by SunTrust. Robert W. Baird maintained it with “Outperform” rating and $55 target in Friday, August 26 report.

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