Pactiv Evergreen Inc. (NASDAQ:PTVE) Shares Sold by Quest Partners LLC

Quest Partners LLC reduced its position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 57.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,606 shares of the company’s stock after selling 14,395 shares during the period. Quest Partners LLC’s holdings in Pactiv Evergreen were worth $120,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Versor Investments LP acquired a new stake in shares of Pactiv Evergreen during the second quarter worth $118,000. Principal Financial Group Inc. lifted its holdings in Pactiv Evergreen by 9.0% in the second quarter. Principal Financial Group Inc. now owns 20,856 shares of the company’s stock worth $236,000 after acquiring an additional 1,726 shares during the last quarter. Innealta Capital LLC bought a new position in Pactiv Evergreen in the second quarter worth about $83,000. Allspring Global Investments Holdings LLC acquired a new position in Pactiv Evergreen in the second quarter valued at approximately $326,000. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Pactiv Evergreen by 9.7% during the second quarter. Assenagon Asset Management S.A. now owns 352,974 shares of the company’s stock valued at $3,996,000 after purchasing an additional 31,221 shares during the last quarter. 22.23% of the stock is currently owned by institutional investors.

Pactiv Evergreen Stock Up 1.0 %

Pactiv Evergreen stock opened at $11.29 on Tuesday. Pactiv Evergreen Inc. has a 52 week low of $7.58 and a 52 week high of $15.84. The company has a current ratio of 2.04, a quick ratio of 0.93 and a debt-to-equity ratio of 2.72. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of -24.54, a PEG ratio of 1.13 and a beta of 1.31. The company’s 50-day moving average price is $11.43 and its two-hundred day moving average price is $12.57.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.06). Pactiv Evergreen had a net margin of 1.49% and a return on equity of 13.34%. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the previous year, the business posted $0.20 earnings per share. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, analysts expect that Pactiv Evergreen Inc. will post 0.98 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.54%. The ex-dividend date was Friday, August 30th. Pactiv Evergreen’s dividend payout ratio (DPR) is presently -86.96%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PTVE shares. UBS Group reduced their price objective on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada reduced their price target on shares of Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Robert W. Baird dropped their price objective on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Finally, Citigroup reduced their target price on shares of Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Pactiv Evergreen presently has an average rating of “Moderate Buy” and a consensus price target of $14.57.

Pactiv Evergreen Company 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.