Edgestream Partners L.P. Reduces Stock Position in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Edgestream Partners L.P. trimmed its position in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 58.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 132,584 shares of the company’s stock after selling 190,159 shares during the quarter. Edgestream Partners L.P. owned about 0.07% of Pactiv Evergreen worth $1,526,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PTVE. Vanguard Group Inc. raised its position in Pactiv Evergreen by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company’s stock worth $54,257,000 after buying an additional 143,776 shares during the last quarter. Price T Rowe Associates Inc. MD purchased a new position in shares of Pactiv Evergreen during the first quarter worth $164,000. Public Employees Retirement System of Ohio lifted its position in Pactiv Evergreen by 164.5% during the first quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company’s stock valued at $105,000 after purchasing an additional 4,541 shares during the period. CWM LLC boosted its holdings in Pactiv Evergreen by 186.8% in the second quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after purchasing an additional 2,212 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Pactiv Evergreen during the 2nd quarter worth about $123,000. Institutional investors and hedge funds own 22.23% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PTVE. Royal Bank of Canada decreased their price objective on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. UBS Group lowered their price objective on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $14.57.

Pactiv Evergreen Stock Performance

Shares of PTVE stock opened at $14.46 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 Inc. has a 12-month low of $8.83 and a 12-month high of $16.01. The business’s 50 day moving average is $12.04 and its two-hundred day moving average is $11.79.

Pactiv Evergreen (NASDAQ:PTVE) last announced its earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 positive return on equity of 14.41% and a negative net margin of 3.16%. The business’s revenue was down 3.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 EPS. On average, equities analysts expect that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.77%. Pactiv Evergreen’s dividend payout ratio is currently -43.48%.

Pactiv Evergreen 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.