Pactiv Evergreen Inc. (NASDAQ:PTVE) Given Consensus Rating of “Hold” by Analysts

Pactiv Evergreen Inc. (NASDAQ:PTVE) has been given an average recommendation of “Hold” by the six analysts that are presently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold rating. The average 1 year target price among analysts that have issued a report on the stock in the last year is $16.33.

PTVE has been the subject of a number of analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and set a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Citigroup reissued a “neutral” rating and issued a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Finally, UBS Group lowered shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and increased their price target for the stock from $16.00 to $18.00 in a research report on Friday, January 10th.

Hedge Funds Weigh In On Pactiv Evergreen

A number of hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its holdings in Pactiv Evergreen by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company’s stock worth $303,000 after buying an additional 1,431 shares during the last quarter. Rhumbline Advisers increased its holdings in Pactiv Evergreen by 2.2% in the fourth quarter. Rhumbline Advisers now owns 70,786 shares of the company’s stock worth $1,237,000 after buying an additional 1,538 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Pactiv Evergreen by 8.4% during the fourth quarter. Principal Financial Group Inc. now owns 21,614 shares of the company’s stock valued at $378,000 after purchasing an additional 1,684 shares during the last quarter. Point72 DIFC Ltd grew its holdings 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 last quarter. Finally, Los Angeles Capital Management LLC grew its holdings in Pactiv Evergreen by 45.5% during the fourth quarter. Los Angeles Capital Management LLC now owns 21,048 shares of the company’s stock valued at $368,000 after purchasing an additional 6,580 shares during the last quarter. Institutional investors and hedge funds own 22.23% of the company’s stock.

Pactiv Evergreen Price Performance

PTVE stock opened at $17.73 on Wednesday. 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 has a one year low of $8.83 and a one year high of $17.81. The firm has a market capitalization of $3.18 billion, a PE ratio of -19.27, a P/E/G ratio of 1.47 and a beta of 1.24. The firm has a 50-day moving average of $16.97 and a two-hundred day moving average of $13.51.

Pactiv Evergreen (NASDAQ:PTVE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the firm earned $0.32 earnings per share. The business’s quarterly revenue was down 3.3% on a year-over-year basis. On average, analysts forecast that Pactiv Evergreen will post 1.05 earnings per share 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 issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.26%. Pactiv Evergreen’s dividend payout ratio is currently -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.