Empowered Funds LLC Trims Stock Holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Empowered Funds LLC trimmed its holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 80.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 147,648 shares of the company’s stock after selling 593,808 shares during the quarter. Empowered Funds LLC owned approximately 0.08% of Pactiv Evergreen worth $2,579,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Geode Capital Management LLC raised its holdings in shares of Pactiv Evergreen by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock worth $12,535,000 after buying an additional 10,158 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Pactiv Evergreen by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock worth $11,310,000 after buying an additional 16,029 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Pactiv Evergreen by 70.8% in the third quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock worth $5,579,000 after buying an additional 200,873 shares during the period. Segall Bryant & Hamill LLC purchased a new stake in shares of Pactiv Evergreen in the third quarter worth approximately $3,899,000. Finally, Victory Capital Management Inc. purchased a new position in Pactiv Evergreen during the 3rd quarter worth $2,074,000. 22.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Citigroup restated a “neutral” rating and set a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 target price (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. UBS Group cut Pactiv Evergreen from a “buy” rating to a “neutral” rating and increased their target price for the company from $16.00 to $18.00 in a research report on Friday, January 10th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $16.33.

Pactiv Evergreen Stock Up 0.1 %

Pactiv Evergreen stock opened at $17.79 on Friday. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -19.34, a PEG ratio of 1.46 and a beta of 1.24. Pactiv Evergreen Inc. has a 1-year low of $8.83 and a 1-year high of $17.81. The business has a fifty day moving average price of $17.49 and a 200-day moving average price of $13.73.

Pactiv Evergreen (NASDAQ:PTVE) last issued its earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The firm’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter last year, the business posted $0.32 EPS. Equities research analysts forecast that Pactiv Evergreen Inc. will post 1.05 EPS for the current fiscal year.

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.