Berry Global Group, Inc. (NYSE:BERY) has reported a notable transaction by its Chief Financial Officer, Mark W. Miles, according to a recent SEC filing. The executive sold a significant number of shares, with total sales amounting to over $5 million.
On May 14 and 15, Miles engaged in multiple transactions involving the company's common stock. He sold a total of 84,000 shares on the first day at a weighted average price of $59.98, followed by an additional 1,118 shares the next day at an average price of $60.29. The total value of the shares sold across these two days reached approximately $5,105,724.
In addition to the sales, Miles also acquired shares through the exercise of options. On May 14, he exercised options for 118,452 shares at a set price of $28.75 per share, totaling $3,450,000. On the following day, he acquired another 1,548 shares at the same price, adding $44,500 to the total acquisition cost.
The transactions have adjusted Miles' holdings in Berry Global, but the exact post-transaction share count was not disclosed in the public document.
Investors often monitor insider transactions as they may provide insights into the executives' confidence in the company's current valuation and future prospects. The sale of shares by a high-ranking executive like the CFO can be of particular interest. However, such transactions are common and can be motivated by various personal financial considerations.
Berry Global Group, Inc., with its headquarters in Evansville, Indiana, specializes in plastic packaging products. The company's shares are publicly traded, and it operates within the industrial applications and services sector.
For more details on the transactions, investors can refer to the full SEC Form 4 filing.
InvestingPro Insights
Following the recent insider transactions by Berry Global Group's CFO, investors looking at BERY may find additional context in the company's financial health and market performance. Berry Global's management has been focused on enhancing shareholder value, as indicated by an aggressive share buyback strategy. This aligns with the CFO's recent acquisition of shares through option exercises, suggesting a vested interest in the company's growth.
Moreover, Berry Global's valuation metrics indicate a strong free cash flow yield, as reflected in the adjusted P/E ratio of 10.61 for the last twelve months as of Q2 2024. This figure suggests that the company is generating healthy cash profits relative to its share price. Additionally, the company's shareholder yield is high, which could be an attractive point for investors seeking returns through dividends and buybacks.
From a market performance standpoint, the company's stock has demonstrated low price volatility, which might appeal to investors looking for stability in their portfolio. Despite a dip in revenue growth of -9.26% over the last twelve months as of Q2 2024, analysts predict profitability for the current year, which is supported by the company's positive performance over the last twelve months.
For investors interested in exploring more about Berry Global Group, there are additional InvestingPro Tips available. Currently, there are 6 more tips listed on InvestingPro that could further inform investment decisions. To discover these insights and more, interested parties can use coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
InvestingPro Data also reveals a market capitalization of $6.84 billion USD and a dividend yield of 1.83% as of the last dividend ex-date of February 29, 2024. These figures, combined with the InvestingPro Tips, offer a comprehensive view of Berry Global's financial standing and market sentiment.
For those looking to make informed investment decisions, the additional context provided by InvestingPro could be invaluable. Visit https://www.investing.com/pro/BERY to explore the full range of analytical tools and insights.
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