BWAY Holdings Co.

BWAY Holding Co. (BWY) shares have gone on to set a new 52-week high following the latest earnings report and estimates revisions.

Company Description

BWAY Holding Company manufactures and distributes metal and plastic containers through its subsidiaries. Packaging is used for industrial and consumer products. The company produces every type of container imaginable from aerosol cans, drums, and bottles.

Net Income Up 800%

On May 4 BWAY reported second-quarter results for fiscal 2009 that included net income of $8.7 million, up from $1.1 million last year. This translated to earnings per share of 40 cents, 14 cents above the consensus and 25 cents higher than the same period last year.

A gross margin or $39.4 million, up from $32.2 million drove the company to its fourth consecutive surprise. Over the past 4 quarter BWAY beats the consensus by an average of 27%.

Estimates Rising

Since the announcement the consensus estimate for 2009 is up 15 cents to $1.05. The average forecast for 2010 is $1.19, up from $1.07. These projections would yield growth rates of 48% for this year and another 13% in 2010.

Shares are trading at just under 12 times forward earnings. All 4 covering analysts that report to Zacks have a "Buy" rating place on the container maker.

The Chart

Investors bought up shares of BWY after the encouraging earnings report previously mentioned. The stock surged to set a new 52-week high and continues to pressure that level. Take a look below.