Rhumbline Advisers trimmed its holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE – Free Report) by 2.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 72,478 shares of the company’s stock after selling 1,574 shares during the quarter. Rhumbline Advisers’ holdings in Pactiv Evergreen were worth $820,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the business. Versor Investments LP bought a new position in shares of Pactiv Evergreen in the second quarter valued at about $118,000. Principal Financial Group Inc. raised its holdings in shares of Pactiv Evergreen by 9.0% in the second quarter. Principal Financial Group Inc. now owns 20,856 shares of the company’s stock valued at $236,000 after buying an additional 1,726 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Pactiv Evergreen in the second quarter valued at about $83,000. Allspring Global Investments Holdings LLC bought a new position in shares of Pactiv Evergreen in the second quarter valued at about $326,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Pactiv Evergreen by 9.7% in the second quarter. Assenagon Asset Management S.A. now owns 352,974 shares of the company’s stock valued at $3,996,000 after buying an additional 31,221 shares during the last quarter. 22.23% of the stock is owned by institutional investors.
Pactiv Evergreen Price Performance
Pactiv Evergreen stock opened at $11.66 on Tuesday. The firm has a market capitalization of $2.09 billion, a P/E ratio of -25.35, a PEG ratio of 1.17 and a beta of 1.31. Pactiv Evergreen Inc. has a 1 year low of $7.58 and a 1 year high of $15.84. The business has a 50-day moving average of $11.45 and a 200-day moving average of $12.53. The company has a current ratio of 2.04, a quick ratio of 0.93 and a debt-to-equity ratio of 2.72.
Pactiv Evergreen Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 annualized dividend and a dividend yield of 3.43%. Pactiv Evergreen’s dividend payout ratio is presently -86.96%.
Analyst Upgrades and Downgrades
PTVE has been the subject of several recent research reports. Citigroup dropped their price objective on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, July 8th. Robert W. Baird dropped their price objective on Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Royal Bank of Canada dropped their price objective on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, UBS Group dropped their price objective on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $14.57.
Check Out Our Latest Stock Report on PTVE
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.
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