BPC Acquisition Corp (BERY) Shares Gap Up Following Strong Earnings
Shares of BPC Acquisition Corp (NYSE:BERY) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $55.50, but opened at $58.25. BPC Acquisition Corp shares last traded at $59.91, with a volume of 2606742 shares trading hands.
The industrial products company reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.08. The firm had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.91 billion. BPC Acquisition Corp had a net margin of 4.49% and a return on equity of 76.66%. The firm’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.61 EPS.
A number of analysts recently weighed in on BERY shares. Robert W. Baird increased their price target on shares of BPC Acquisition Corp from $65.00 to $70.00 and gave the stock an “outperform” rating in a research note on Friday. Deutsche Bank AG raised their price target on shares of BPC Acquisition Corp from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday. BidaskClub raised shares of BPC Acquisition Corp from a “hold” rating to a “buy” rating in a research note on Wednesday, October 25th. Zacks Investment Research cut shares of BPC Acquisition Corp from a “buy” rating to a “hold” rating in a research note on Monday, October 16th. Finally, Barclays PLC raised their price target on shares of BPC Acquisition Corp from $65.00 to $71.00 and gave the stock an “overweight” rating in a research note on Monday, August 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. BPC Acquisition Corp presently has a consensus rating of “Buy” and an average price target of $65.00.
In other news, President Curt Begle sold 22,541 shares of the business’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $60.01, for a total transaction of $1,352,685.41. Following the completion of the transaction, the president now owns 17,189 shares of the company’s stock, valued at $1,031,511.89. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 34,378 shares of company stock valued at $2,063,324. Corporate insiders own 3.11% of the company’s stock.
A number of hedge funds have recently bought and sold shares of BERY. Acrospire Investment Management LLC raised its holdings in BPC Acquisition Corp by 315.6% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,107 shares of the industrial products company’s stock worth $120,000 after buying an additional 1,600 shares during the period. CrestPoint Capital Management LLC bought a new position in BPC Acquisition Corp in the 2nd quarter worth $205,000. Tocqueville Asset Management L.P. bought a new position in BPC Acquisition Corp in the 2nd quarter worth $228,000. Oakbrook Investments LLC bought a new position in BPC Acquisition Corp in the 3rd quarter worth $246,000. Finally, Metropolitan Life Insurance Co. NY boosted its holdings in BPC Acquisition Corp by 4.1% in the 1st quarter. Metropolitan Life Insurance Co. NY now owns 8,645 shares of the industrial products company’s stock worth $420,000 after buying an additional 344 shares during the period. 94.38% of the stock is owned by institutional investors and hedge funds.
The company has a market cap of $7,810.00, a price-to-earnings ratio of 19.85, a price-to-earnings-growth ratio of 0.86 and a beta of 1.08. The company has a debt-to-equity ratio of 6.91, a current ratio of 1.82 and a quick ratio of 1.09.
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About BPC Acquisition Corp
Berry Global Group, Inc, formerly Berry Plastics Group, Inc, is a provider of value-added plastic consumer packaging, non-woven specialty materials and engineered materials. The Company offers products, such as closures, prescription vials, specialty films, adhesives, nonwovens, drink cups, containers and bottles.
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