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Berry Global (BERY) Surges 6.1%: Is This an Indication of Further Gains?
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Berry Global Group, Inc. (BERY - Free Report) shares soared 6.1% in the last trading session to close at $57.14. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.4% loss over the past four weeks.
Berry Global’s rally is largely driven by optimism regarding the company’s strength in consumer businesses across food and beverage end markets, backed by a robust demand environment for its products.
This packaging company is expected to post quarterly earnings of $1.97 per share in its upcoming report, which represents a year-over-year change of +28.8%. Revenues are expected to be $3.85 billion, up 4.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Berry Global, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BERY going forward to see if this recent jump can turn into more strength down the road.
Berry Global is a member of the Zacks Containers - Paper and Packaging industry. One other stock in the same industry, Packaging Corp. (PKG - Free Report) , finished the last trading session 3.5% higher at $140.60. PKG has returned -13.2% over the past month.
For Packaging Corp., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.87. This represents a change of +32.3% from what the company reported a year ago. Packaging Corp. currently has a Zacks Rank of #1 (Strong Buy).
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Berry Global (BERY) Surges 6.1%: Is This an Indication of Further Gains?
Berry Global Group, Inc. (BERY - Free Report) shares soared 6.1% in the last trading session to close at $57.14. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.4% loss over the past four weeks.
Berry Global’s rally is largely driven by optimism regarding the company’s strength in consumer businesses across food and beverage end markets, backed by a robust demand environment for its products.
This packaging company is expected to post quarterly earnings of $1.97 per share in its upcoming report, which represents a year-over-year change of +28.8%. Revenues are expected to be $3.85 billion, up 4.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Berry Global, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BERY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Berry Global is a member of the Zacks Containers - Paper and Packaging industry. One other stock in the same industry, Packaging Corp. (PKG - Free Report) , finished the last trading session 3.5% higher at $140.60. PKG has returned -13.2% over the past month.
For Packaging Corp., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $2.87. This represents a change of +32.3% from what the company reported a year ago. Packaging Corp. currently has a Zacks Rank of #1 (Strong Buy).