Verition Fund Management LLC Buys New Shares in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Verition Fund Management LLC purchased a new position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) in the third quarter, according to its most recent filing with the SEC. The firm purchased 18,656 shares of the company’s stock, valued at approximately $215,000.

A number of other large investors have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD acquired a new stake in Pactiv Evergreen during the first quarter worth approximately $164,000. CWM LLC increased its stake in shares of Pactiv Evergreen by 186.8% in the 2nd quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after acquiring an additional 2,212 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Pactiv Evergreen during the 2nd quarter valued at $123,000. Assenagon Asset Management S.A. boosted its stake in Pactiv Evergreen by 9.7% during the second quarter. Assenagon Asset Management S.A. now owns 352,974 shares of the company’s stock worth $3,996,000 after acquiring an additional 31,221 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Pactiv Evergreen in the second quarter worth $326,000. 22.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Citigroup reiterated a “neutral” rating and set a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $15.14.

Pactiv Evergreen Stock Performance

Shares of Pactiv Evergreen stock opened at $17.28 on Monday. Pactiv Evergreen Inc. has a 52 week low of $8.83 and a 52 week high of $17.61. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. The business has a 50 day moving average price of $12.86 and a 200-day moving average price of $12.00. The company has a market cap of $3.10 billion, a PE ratio of -18.78, a price-to-earnings-growth ratio of 1.70 and a beta of 1.35.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, beating 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 business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the business earned $0.32 EPS. The business’s revenue was down 3.3% on a year-over-year basis. Equities analysts anticipate that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen’s payout ratio is -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.