Squarepoint Ops LLC Reduces Holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Squarepoint Ops LLC reduced its position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 24.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,555 shares of the company’s stock after selling 17,860 shares during the quarter. Squarepoint Ops LLC’s holdings in Pactiv Evergreen were worth $618,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PTVE. Federated Hermes Inc. raised its position in shares of Pactiv Evergreen by 69.2% during the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after buying an additional 1,474 shares during the period. Principal Financial Group Inc. increased 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 valued at $236,000 after buying an additional 1,726 shares during the last quarter. Point72 DIFC Ltd boosted its stake in Pactiv Evergreen by 33.2% in the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock valued at $89,000 after acquiring an additional 1,965 shares in the last quarter. CWM LLC raised its holdings in shares of Pactiv Evergreen by 186.8% in the second quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after buying an additional 2,212 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in Pactiv Evergreen by 164.5% during the 1st quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company’s stock worth $105,000 after acquiring an additional 4,541 shares during the period. Hedge funds and other institutional investors own 22.23% of the company’s stock.

Analyst Upgrades and Downgrades

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

Pactiv Evergreen Price Performance

PTVE opened at $11.54 on Wednesday. The company has a 50-day moving average of $11.15 and a 200-day moving average of $12.39. Pactiv Evergreen Inc. has a 1-year low of $7.70 and a 1-year high of $15.84. The company has a market capitalization of $2.07 billion, a P/E ratio of -25.09, a PEG ratio of 1.16 and a beta of 1.30. The company has a debt-to-equity ratio of 2.72, a quick ratio of 0.93 and a current ratio of 2.04.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings results 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). The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.36 billion. Pactiv Evergreen had a return on equity of 13.34% and a net margin of 1.49%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the business posted $0.20 EPS. Equities analysts expect that Pactiv Evergreen Inc. will post 0.98 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.47%. The ex-dividend date was Friday, August 30th. Pactiv Evergreen’s payout ratio is currently -86.96%.

About Pactiv Evergreen

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.