Pactiv Evergreen (NASDAQ:PTVE) Trading Up 3.5% – Still a Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares were up 3.5% on Wednesday . The company traded as high as $11.96 and last traded at $11.94. Approximately 37,144 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 399,974 shares. The stock had previously closed at $11.54.

Wall Street Analysts Forecast Growth

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

Pactiv Evergreen Stock Up 2.4 %

The company has a debt-to-equity ratio of 2.72, a current ratio of 2.04 and a quick ratio of 0.93. The firm’s 50-day moving average is $11.15 and its 200 day moving average is $12.39. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -25.09, a price-to-earnings-growth ratio of 1.16 and a beta of 1.30.

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

Pactiv Evergreen Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Friday, August 30th. Pactiv Evergreen’s payout ratio is currently -86.96%.

Institutional Investors Weigh In On Pactiv Evergreen

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its holdings in Pactiv Evergreen by 11.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock valued at $26,890,000 after purchasing an additional 243,098 shares in the last quarter. Edgestream Partners L.P. grew its holdings in Pactiv Evergreen by 182.3% during the 2nd quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock valued at $3,653,000 after purchasing an additional 208,409 shares in the last quarter. Rubric Capital Management LP grew its holdings in Pactiv Evergreen by 3.3% during the 2nd quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company’s stock valued at $64,825,000 after purchasing an additional 185,190 shares in the last quarter. Vanguard Group Inc. grew its holdings in Pactiv Evergreen by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company’s stock valued at $54,257,000 after purchasing an additional 143,776 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its holdings 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 in the last quarter. Institutional investors and hedge funds own 22.23% of the company’s stock.

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.