Assenagon Asset Management S.A. Purchases 76,440 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Assenagon Asset Management S.A. increased its stake in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 111.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 145,240 shares of the company’s stock after purchasing an additional 76,440 shares during the quarter. Assenagon Asset Management S.A. owned about 0.08% of Pactiv Evergreen worth $2,537,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Victory Capital Management Inc. bought a new position in shares of Pactiv Evergreen in the third quarter worth $2,074,000. Allspring Global Investments Holdings LLC increased its stake in Pactiv Evergreen by 183.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock worth $939,000 after acquiring an additional 52,775 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Pactiv Evergreen by 25.9% in the 2nd 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. Verition Fund Management LLC bought a new stake in shares of Pactiv Evergreen during the 3rd quarter valued at about $215,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Pactiv Evergreen by 70.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock valued at $5,579,000 after acquiring an additional 200,873 shares during the last quarter. 22.23% of the stock is owned by hedge funds and other institutional investors.

Pactiv Evergreen Trading Down 0.1 %

PTVE stock opened at $17.76 on Thursday. The company has a market capitalization of $3.19 billion, a PE ratio of -19.30, a price-to-earnings-growth ratio of 1.45 and a beta of 1.24. 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 $17.81. The company’s 50 day moving average price is $16.09 and its two-hundred day moving average price is $13.13.

Pactiv Evergreen (NASDAQ:PTVE) last issued its 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. 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 for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter last year, the company earned $0.32 EPS. The firm’s revenue was down 3.3% compared to the same quarter last year. As a group, analysts predict that Pactiv Evergreen Inc. will post 1.05 earnings per share for the current fiscal year.

Pactiv Evergreen Announces Dividend

The business also recently announced 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 2.25%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio (DPR) is presently -43.48%.

Wall Street Analyst Weigh In

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

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.