Point72 Asset Management L.P. Trims Stake in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Point72 Asset Management L.P. decreased its position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 28.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,800 shares of the company’s stock after selling 6,300 shares during the period. Point72 Asset Management L.P.’s holdings in Pactiv Evergreen were worth $179,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. CWM LLC grew its holdings in shares of 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 purchasing an additional 2,212 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Pactiv Evergreen by 69.2% during 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. Public Employees Retirement System of Ohio increased its holdings in Pactiv Evergreen by 164.5% during the 1st quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company’s stock valued at $105,000 after purchasing an additional 4,541 shares during the period. Innealta Capital LLC bought a new position in shares of Pactiv Evergreen during the second quarter valued at approximately $83,000. Finally, Point72 DIFC Ltd increased its position in shares of Pactiv Evergreen by 33.2% during the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock valued at $89,000 after buying an additional 1,965 shares during the period. Institutional investors own 22.23% of the company’s stock.

Pactiv Evergreen Trading Up 4.0 %

Shares of PTVE stock opened at $11.41 on Friday. The company has a current ratio of 2.04, a quick ratio of 0.93 and a debt-to-equity ratio of 2.72. The company’s 50-day moving average price is $11.22 and its 200-day moving average price is $12.43. Pactiv Evergreen Inc. has a twelve month low of $7.58 and a twelve month high of $15.84. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of -24.80, a PEG ratio of 1.20 and a beta of 1.30.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.06). Pactiv Evergreen had a net margin of 1.49% and a return on equity of 13.34%. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same period last year, the company earned $0.20 earnings per share. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities analysts predict that Pactiv Evergreen Inc. will post 0.98 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, August 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.51%. Pactiv Evergreen’s dividend payout ratio (DPR) is presently -86.96%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PTVE shares. Royal Bank of Canada cut their target price on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Citigroup cut their price objective on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Robert W. Baird reduced their price objective on Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, UBS Group dropped their price objective on shares of Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $14.57.

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.