Principal Financial Group Inc. Sells 926 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Principal Financial Group Inc. decreased its holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 4.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,930 shares of the company’s stock after selling 926 shares during the quarter. Principal Financial Group Inc.’s holdings in Pactiv Evergreen were worth $229,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Segall Bryant & Hamill LLC acquired a new stake in shares of Pactiv Evergreen during the 3rd quarter worth about $3,899,000. Dimensional Fund Advisors LP grew its stake in Pactiv Evergreen by 11.4% during the second 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 during the last quarter. Edgestream Partners L.P. increased 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 buying an additional 208,409 shares in the last quarter. Rubric Capital Management LP raised its stake in shares of Pactiv Evergreen by 3.3% in the second quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company’s stock valued at $64,825,000 after acquiring an additional 185,190 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new position in shares of Pactiv Evergreen in the 3rd quarter worth approximately $2,074,000. 22.23% of the stock is currently owned by institutional investors.

Pactiv Evergreen Stock Up 0.5 %

NASDAQ PTVE opened at $17.52 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. Pactiv Evergreen Inc. has a 52 week low of $8.83 and a 52 week high of $17.61. The stock has a market capitalization of $3.14 billion, a P/E ratio of -19.04, a price-to-earnings-growth ratio of 1.70 and a beta of 1.24. The stock has a fifty day moving average of $14.66 and a 200-day moving average of $12.63.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.03. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 EPS. On average, equities research analysts forecast that Pactiv Evergreen Inc. will post 1.03 EPS for the current year.

Pactiv Evergreen Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, December 2nd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio (DPR) is currently -43.48%.

Analyst Ratings Changes

PTVE has been the subject of a number of recent analyst reports. Citigroup reaffirmed a “neutral” rating and set a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Pactiv Evergreen presently has a consensus rating of “Hold” and an average price target of $15.83.

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.