GSA Capital Partners LLP Sells 24,611 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

GSA Capital Partners LLP lessened its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 67.6% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 11,796 shares of the company’s stock after selling 24,611 shares during the quarter. GSA Capital Partners LLP’s holdings in Pactiv Evergreen were worth $136,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PTVE. Allspring Global Investments Holdings LLC raised its holdings 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 valued at $939,000 after acquiring an additional 52,775 shares during the period. Renaissance Technologies LLC increased its stake in shares of Pactiv Evergreen by 25.9% during the second quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock worth $6,686,000 after purchasing an additional 121,400 shares during the period. Vanguard Group Inc. lifted its holdings in Pactiv Evergreen by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company’s stock worth $54,257,000 after purchasing an additional 143,776 shares during the last quarter. Edgestream Partners L.P. grew its holdings in Pactiv Evergreen by 182.3% in the 2nd quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock valued at $3,653,000 after buying an additional 208,409 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in Pactiv Evergreen by 9.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 352,974 shares of the company’s stock worth $3,996,000 after buying an additional 31,221 shares during the period. Institutional investors own 22.23% of the company’s stock.

Analyst Ratings Changes

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

Pactiv Evergreen Price Performance

Shares of NASDAQ:PTVE opened at $13.58 on Tuesday. The firm has a 50 day moving average of $11.86 and a 200-day moving average of $11.78. Pactiv Evergreen Inc. has a 12 month low of $8.83 and a 12 month high of $15.84. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The stock has a market capitalization of $2.43 billion, a PE ratio of -14.76, a PEG ratio of 1.30 and a beta of 1.30.

Pactiv Evergreen (NASDAQ:PTVE) last released its earnings results 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. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the company earned $0.32 earnings per share. The company’s quarterly revenue was down 3.3% on a year-over-year basis. On average, equities research analysts predict that Pactiv Evergreen Inc. will post 1.03 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.95%. The ex-dividend date of this dividend is Monday, December 2nd. 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.