Pactiv Evergreen Inc. (NASDAQ:PTVE) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 183.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,543 shares of the company’s stock after purchasing an additional 52,775 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Pactiv Evergreen were worth $939,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Point72 DIFC Ltd boosted its position in shares of Pactiv Evergreen by 33.2% during the 2nd quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after acquiring an additional 1,965 shares in the last quarter. Mackenzie Financial Corp acquired a new position in Pactiv Evergreen during the 2nd quarter worth approximately $114,000. The Manufacturers Life Insurance Company lifted its holdings in Pactiv Evergreen by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company’s stock valued at $303,000 after acquiring an additional 1,431 shares during the period. AQR Capital Management LLC grew its position in Pactiv Evergreen by 54.4% during the second quarter. AQR Capital Management LLC now owns 291,654 shares of the company’s stock worth $3,302,000 after buying an additional 102,730 shares during the period. Finally, Caxton Associates LP acquired a new position in Pactiv Evergreen during the second quarter worth $367,000. Hedge funds and other institutional investors own 22.23% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Citigroup reduced their price target on shares of Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, July 8th. Robert W. Baird reduced their price target on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Royal Bank of Canada dropped their target price on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, UBS Group lowered their target price on 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 equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $14.57.

Pactiv Evergreen Stock Down 0.9 %

PTVE stock opened at $11.34 on Friday. The company has a debt-to-equity ratio of 2.72, a current ratio of 2.04 and a quick ratio of 0.93. The firm has a fifty day moving average price of $11.58 and a two-hundred day moving average price of $12.09. Pactiv Evergreen Inc. has a 1-year low of $8.30 and a 1-year high of $15.84. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of 27.00, a PEG ratio of 1.31 and a beta of 1.30.

Pactiv Evergreen (NASDAQ:PTVE) last announced its earnings results on Wednesday, July 31st. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the previous year, the firm earned $0.20 EPS. The firm’s revenue was up 6.9% on a year-over-year basis. Research analysts predict that Pactiv Evergreen Inc. will post 0.98 EPS for the current year.

Pactiv Evergreen 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.