Principal Financial Group Inc. Sells 926 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Principal Financial Group Inc. reduced its position in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 4.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,930 shares of the company’s stock after selling 926 shares during the quarter. Principal Financial Group Inc.’s holdings in Pactiv Evergreen were worth $229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of Pactiv Evergreen by 11.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock valued at $26,890,000 after buying an additional 243,098 shares in the last quarter. Edgestream Partners L.P. lifted its position in shares of Pactiv Evergreen by 182.3% in the second quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock valued at $3,653,000 after acquiring an additional 208,409 shares in the last quarter. Rubric Capital Management LP boosted its stake in shares of Pactiv Evergreen by 3.3% in the second quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company’s stock worth $64,825,000 after acquiring an additional 185,190 shares during the period. Vanguard Group Inc. grew its position in shares of Pactiv Evergreen by 3.9% during the first 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 in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Pactiv Evergreen by 25.9% during the 2nd quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock valued at $6,686,000 after purchasing an additional 121,400 shares during the period. 22.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PTVE has been the subject of a number of research analyst reports. UBS Group cut their price objective on shares of Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Robert W. Baird cut 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 note on Friday, August 2nd. Finally, Royal Bank of Canada decreased their price target on shares of Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.57.

Pactiv Evergreen Trading Up 2.9 %

Shares of PTVE opened at $13.58 on Tuesday. The stock has a market capitalization of $2.43 billion, a PE ratio of -14.76, a P/E/G ratio of 1.30 and a beta of 1.30. The company’s fifty day moving average is $11.86 and its 200 day moving average is $11.78. 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 fifty-two week low of $8.83 and a fifty-two week high of $15.84.

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

Pactiv Evergreen Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.95%. The ex-dividend date is Monday, December 2nd. Pactiv Evergreen’s payout ratio is -43.48%.

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.