JPMorgan Chase & Co. Has $5.58 Million Position in Pactiv Evergreen Inc. (NASDAQ:PTVE)

JPMorgan Chase & Co. grew its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 70.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 484,722 shares of the company’s stock after acquiring an additional 200,873 shares during the period. JPMorgan Chase & Co. owned 0.27% of Pactiv Evergreen worth $5,579,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PTVE. Victory Capital Management Inc. bought a new position in shares of Pactiv Evergreen during the third quarter worth approximately $2,074,000. Allspring Global Investments Holdings LLC raised its position in shares of Pactiv Evergreen by 183.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock valued at $939,000 after buying an additional 52,775 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Pactiv Evergreen by 25.9% during the 2nd quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock worth $6,686,000 after acquiring an additional 121,400 shares during the period. Verition Fund Management LLC acquired a new stake in shares of Pactiv Evergreen during the 3rd quarter worth approximately $215,000. Finally, Segall Bryant & Hamill LLC bought a new position in Pactiv Evergreen in the third quarter valued at approximately $3,899,000. 22.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PTVE. Jefferies Financial Group restated a “hold” rating and set a $18.00 target price (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. UBS Group downgraded Pactiv Evergreen from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $16.00 to $18.00 in a research report on Friday, January 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price objective (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Finally, Citigroup reissued a “neutral” rating and set a $18.00 target price (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $16.33.

Pactiv Evergreen Price Performance

Shares of PTVE opened at $17.54 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. The stock has a market cap of $3.15 billion, a PE ratio of -19.07, a PEG ratio of 1.45 and a beta of 1.24. Pactiv Evergreen Inc. has a 12-month low of $8.83 and a 12-month high of $17.71. The business has a 50-day simple moving average of $15.51 and a two-hundred day simple moving average of $12.92.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the firm posted $0.32 earnings per share. The firm’s revenue was down 3.3% compared to the same quarter last year. Analysts anticipate that Pactiv Evergreen Inc. will post 1.05 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.10 per share. 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 2.28%. Pactiv Evergreen’s dividend payout ratio (DPR) is presently -43.48%.

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.