Pactiv Evergreen Inc. (NASDAQ:PTVE) Receives Average Rating of “Hold” from Brokerages

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) have been given an average recommendation of “Hold” by the six research firms that are presently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold rating. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $16.33.

A number of equities research analysts have recently weighed in on the company. UBS Group lowered Pactiv Evergreen from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $16.00 to $18.00 in a research report on Friday, January 10th. Jefferies Financial Group restated a “hold” rating and set a $18.00 price target (up from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Citigroup restated a “neutral” rating and set a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th.

Hedge Funds Weigh In On Pactiv Evergreen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 DIFC Ltd raised its position in 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 purchasing an additional 1,965 shares during the period. Mackenzie Financial Corp purchased a new stake in Pactiv Evergreen during the second quarter valued at approximately $114,000. Intech Investment Management LLC purchased a new stake in Pactiv Evergreen during the third quarter valued at approximately $132,000. Blue Trust Inc. raised its position in Pactiv Evergreen by 1,590.7% during the fourth quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock valued at $139,000 after purchasing an additional 7,492 shares during the period. Finally, Paloma Partners Management Co purchased a new stake in Pactiv Evergreen during the third quarter valued at approximately $178,000. 22.23% of the stock is owned by institutional investors.

Pactiv Evergreen Stock Performance

NASDAQ:PTVE opened at $17.81 on Wednesday. The business’s 50-day moving average price is $16.52 and its two-hundred day moving average price is $13.32. Pactiv Evergreen has a twelve month low of $8.83 and a twelve month high of $17.81. The stock has a market cap of $3.19 billion, a P/E ratio of -19.36, a PEG ratio of 1.47 and a beta of 1.24. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the firm posted $0.32 EPS. Pactiv Evergreen’s revenue for the quarter was down 3.3% compared to the same quarter last year. As a group, equities analysts predict that Pactiv Evergreen will post 1.05 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, December 2nd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio (DPR) 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.