Pactiv Evergreen’s (PTVE) “Neutral” Rating Reiterated at Citigroup

Citigroup reaffirmed their neutral rating on shares of Pactiv Evergreen (NASDAQ:PTVE) in a research report report published on Tuesday morning, MarketBeat.com reports. They currently have a $18.00 price objective on the stock, up from their prior price objective of $13.00.

Pactiv Evergreen Stock Performance

Shares of PTVE opened at $17.26 on Tuesday. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. The company has a market capitalization of $3.09 billion, a PE ratio of -18.76, a PEG ratio of 1.44 and a beta of 1.35. Pactiv Evergreen has a 52 week low of $8.83 and a 52 week high of $17.61. The company’s 50 day moving average price is $12.74 and its 200 day moving average price is $11.97.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the prior year, the company posted $0.32 EPS. The business’s revenue was down 3.3% on a year-over-year basis. Research analysts expect that Pactiv Evergreen will post 1.03 EPS for the current fiscal year.

Pactiv Evergreen Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.32%. Pactiv Evergreen’s dividend payout ratio (DPR) is currently -43.48%.

Hedge Funds Weigh In On Pactiv Evergreen

Several large investors have recently bought and sold shares of the stock. CWM LLC grew its holdings in Pactiv Evergreen by 186.8% during the 2nd quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after buying an additional 2,212 shares in the last quarter. Federated Hermes Inc. grew its stake in Pactiv Evergreen by 69.2% in the second quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock worth $41,000 after purchasing an additional 1,474 shares during the period. Innealta Capital LLC purchased a new stake in shares of Pactiv Evergreen in the second quarter worth $83,000. Point72 DIFC Ltd lifted its holdings 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 during the period. Finally, Mackenzie Financial Corp bought a new position in shares of Pactiv Evergreen in the second quarter worth about $114,000. 22.23% of the stock is currently owned by institutional investors.

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.