State Street Corp Sells 60,797 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

State Street Corp cut its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 5.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 985,339 shares of the company’s stock after selling 60,797 shares during the quarter. State Street Corp owned approximately 0.55% of Pactiv Evergreen worth $11,341,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rubric Capital Management LP increased 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 worth $64,825,000 after purchasing an additional 185,190 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Pactiv Evergreen by 11.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock worth $26,890,000 after buying an additional 243,098 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Pactiv Evergreen by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock worth $11,310,000 after buying an additional 16,029 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Pactiv Evergreen by 17.3% during the third quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock valued at $8,534,000 after buying an additional 109,513 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in shares of Pactiv Evergreen by 25.9% in the second quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock valued at $6,686,000 after acquiring an additional 121,400 shares in the last quarter. Institutional investors own 22.23% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 target price (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Citigroup reiterated a “neutral” rating and set a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $15.86.

Pactiv Evergreen Stock Performance

PTVE stock opened at $17.44 on Thursday. The firm has a 50-day simple moving average of $13.76 and a two-hundred day simple moving average of $12.29. 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 one year low of $8.83 and a one year high of $17.61. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of -18.96, a PEG ratio of 1.70 and a beta of 1.35.

Pactiv Evergreen (NASDAQ:PTVE) last posted its earnings results on Tuesday, November 12th. The company reported $0.36 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 earnings per share. Pactiv Evergreen’s revenue for the quarter was down 3.3% compared to the same quarter last year. On average, equities analysts forecast that Pactiv Evergreen Inc. will post 1.03 EPS for the current fiscal year.

Pactiv Evergreen Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, December 2nd were given a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.29%. 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.