Intech Investment Management LLC Makes New $132,000 Investment in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Intech Investment Management LLC bought a new position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 11,458 shares of the company’s stock, valued at approximately $132,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. bought a new stake in shares of Pactiv Evergreen during the third quarter worth $2,074,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Pactiv Evergreen by 183.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock worth $939,000 after purchasing an additional 52,775 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Pactiv Evergreen by 25.9% during the second quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock worth $6,686,000 after purchasing an additional 121,400 shares during the period. Edgestream Partners L.P. lifted its holdings in shares of Pactiv Evergreen by 182.3% during the second quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock worth $3,653,000 after purchasing an additional 208,409 shares during the period. Finally, Rubric Capital Management LP lifted its holdings in shares of Pactiv Evergreen by 3.3% during the second quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company’s stock worth $64,825,000 after purchasing an additional 185,190 shares during the period. Institutional investors own 22.23% of the company’s stock.

Pactiv Evergreen Price Performance

Shares of NASDAQ:PTVE opened at $14.68 on Friday. The firm has a market cap of $2.63 billion, a PE ratio of -15.96, a price-to-earnings-growth ratio of 1.44 and a beta of 1.35. The firm’s fifty day moving average is $12.27 and its 200-day moving average is $11.83. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. Pactiv Evergreen Inc. has a 52 week low of $8.83 and a 52 week high of $16.01.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. Pactiv Evergreen’s revenue was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 earnings per share. Sell-side analysts predict that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.40 annualized dividend and a yield of 2.72%. Pactiv Evergreen’s payout ratio is -43.48%.

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.