Pactiv Evergreen (NASDAQ:PTVE) Reaches New 52-Week High – What’s Next?

Pactiv Evergreen Inc. (NASDAQ:PTVE) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $17.62 and last traded at $17.62, with a volume of 317673 shares. The stock had previously closed at $17.52.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PTVE shares. Citigroup reaffirmed a “neutral” rating and issued a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $15.83.

Pactiv Evergreen Trading Up 0.6 %

The company has a market cap of $3.16 billion, a PE ratio of -19.15, a P/E/G ratio of 1.70 and a beta of 1.24. The company has a fifty day simple moving average of $14.66 and a two-hundred day simple moving average of $12.63. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. Pactiv Evergreen’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period last year, the business earned $0.32 EPS. Analysts anticipate that Pactiv Evergreen Inc. will post 1.03 EPS for the current year.

Pactiv Evergreen Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were given a $0.10 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.27%. Pactiv Evergreen’s payout ratio is currently -43.48%.

Hedge Funds Weigh In On Pactiv Evergreen

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in Pactiv Evergreen by 70.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock valued at $5,579,000 after buying an additional 200,873 shares during the last quarter. Geode Capital Management LLC increased its position in Pactiv Evergreen by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock worth $12,535,000 after purchasing an additional 10,158 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in Pactiv Evergreen by 43.0% in the third quarter. Jacobs Levy Equity Management Inc. now owns 38,833 shares of the company’s stock valued at $447,000 after acquiring an additional 11,670 shares during the last quarter. Clearline Capital LP grew its holdings in shares of Pactiv Evergreen by 15.6% during the 3rd quarter. Clearline Capital LP now owns 167,558 shares of the company’s stock worth $1,929,000 after purchasing an additional 22,569 shares during the period. Finally, Paloma Partners Management Co acquired a new stake in shares of Pactiv Evergreen in the third quarter worth $178,000. 22.23% of the stock is owned by hedge funds and other institutional investors.

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.