Oliver Luxxe Assets LLC Buys Shares of 46,598 Pactiv Evergreen Inc. (NASDAQ:PTVE)

Oliver Luxxe Assets LLC bought a new stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 46,598 shares of the company’s stock, valued at approximately $667,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Los Angeles Capital Management LLC acquired a new position in Pactiv Evergreen during the 4th quarter valued at about $2,478,000. Bridgeway Capital Management LLC boosted its stake in Pactiv Evergreen by 11.9% during the 4th quarter. Bridgeway Capital Management LLC now owns 1,253,850 shares of the company’s stock valued at $17,190,000 after purchasing an additional 133,619 shares during the period. Rubric Capital Management LP boosted its stake in Pactiv Evergreen by 3.8% during the 3rd quarter. Rubric Capital Management LP now owns 5,000,000 shares of the company’s stock valued at $40,650,000 after purchasing an additional 184,217 shares during the period. GSA Capital Partners LLP boosted its stake in Pactiv Evergreen by 92.9% during the 3rd quarter. GSA Capital Partners LLP now owns 92,222 shares of the company’s stock valued at $750,000 after purchasing an additional 44,410 shares during the period. Finally, American Century Companies Inc. boosted its stake in Pactiv Evergreen by 0.7% during the 3rd quarter. American Century Companies Inc. now owns 5,393,773 shares of the company’s stock valued at $43,851,000 after purchasing an additional 38,104 shares during the period. 22.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Citigroup boosted their price target on shares of Pactiv Evergreen from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Robert W. Baird boosted their price target on shares of Pactiv Evergreen from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, March 4th. The Goldman Sachs Group boosted their price target on shares of Pactiv Evergreen from $12.50 to $14.00 and gave the stock a “neutral” rating in a research report on Monday, March 4th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $18.00 price target on shares of Pactiv Evergreen in a research report on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Pactiv Evergreen presently has an average rating of “Moderate Buy” and a consensus price target of $16.71.

Pactiv Evergreen Stock Up 0.7 %

NASDAQ PTVE opened at $11.40 on Tuesday. The company has a debt-to-equity ratio of 2.69, a current ratio of 2.02 and a quick ratio of 0.87. The company’s 50 day simple moving average is $12.81 and its 200 day simple moving average is $13.68. Pactiv Evergreen Inc. has a 12 month low of $7.14 and a 12 month high of $15.84. The company has a market capitalization of $2.04 billion, a P/E ratio of -24.78, a PEG ratio of 0.76 and a beta of 1.35.

Pactiv Evergreen (NASDAQ:PTVE) last released its earnings results on Thursday, May 2nd. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. Pactiv Evergreen had a negative net margin of 1.50% and a positive return on equity of 13.79%. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the previous year, the firm earned $0.13 EPS. The business’s revenue for the quarter was down 12.5% on a year-over-year basis. Equities research analysts expect that Pactiv Evergreen Inc. will post 1.18 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were issued a $0.10 dividend. The ex-dividend date was Friday, May 31st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.51%. Pactiv Evergreen’s payout ratio is currently -86.96%.

Pactiv Evergreen Profile

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in the United States, rest of North America, and internationally. It operates in two segments, Foodservice, and Food and Beverage Merchandising. The Foodservice segment offers food containers; drinkware, such as hot and cold cups and lids; and tableware, service ware, and other products.