Pactiv Evergreen Inc. (NASDAQ:PTVE) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) have earned an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $15.14.

Separately, Citigroup reaffirmed a “neutral” rating and set a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th.

Pactiv Evergreen Price Performance

NASDAQ PTVE opened at $17.32 on Tuesday. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. Pactiv Evergreen has a one year low of $8.83 and a one year high of $17.61. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of -18.83, a PEG ratio of 1.70 and a beta of 1.35. The stock has a 50-day moving average of $12.98 and a 200 day moving average of $12.04.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings data 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. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the company posted $0.32 earnings per share. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. On average, sell-side analysts forecast that Pactiv Evergreen will post 1.03 EPS for the current year.

Pactiv Evergreen Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen’s payout ratio is -43.48%.

Institutional Trading of Pactiv Evergreen

Large investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its position in shares of Pactiv Evergreen by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock valued at $12,535,000 after acquiring an additional 10,158 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in Pactiv Evergreen by 43.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 38,833 shares of the company’s stock worth $447,000 after purchasing an additional 11,670 shares during the period. Clearline Capital LP boosted its holdings in Pactiv Evergreen by 15.6% in the 3rd quarter. Clearline Capital LP now owns 167,558 shares of the company’s stock valued at $1,929,000 after purchasing an additional 22,569 shares during the last quarter. Paloma Partners Management Co acquired a new position in Pactiv Evergreen in the 3rd quarter valued at about $178,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Pactiv Evergreen in the 3rd quarter valued at approximately $215,000. Hedge funds and other institutional investors own 22.23% of the company’s stock.

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.