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

Pactiv Evergreen Inc. (NASDAQ:PTVE) has received a consensus rating of “Hold” from the six ratings firms that are covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating. The average 12-month target price among brokers that have issued a report on the stock in the last year is $16.33.

Several research firms recently weighed in on PTVE. UBS Group cut shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $16.00 to $18.00 in a research report on Friday. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. 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 report on Wednesday, December 18th. Finally, Citigroup restated a “neutral” rating and set a $18.00 price target (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th.

Pactiv Evergreen Stock Performance

NASDAQ PTVE opened at $17.53 on Friday. The company’s 50 day simple moving average is $15.03 and its two-hundred day simple moving average is $12.74. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. Pactiv Evergreen has a 1 year low of $8.83 and a 1 year high of $17.65. The stock has a market capitalization of $3.14 billion, a PE ratio of -19.05, a P/E/G ratio of 1.70 and a beta of 1.24.

Pactiv Evergreen (NASDAQ:PTVE) last posted its 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 business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations 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 revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 earnings per share. Analysts predict that Pactiv Evergreen will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio is presently -43.48%.

Institutional Investors Weigh In On Pactiv Evergreen

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rubric Capital Management LP increased its stake in shares of Pactiv Evergreen by 3.3% in the second quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company’s stock worth $64,825,000 after buying an additional 185,190 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Pactiv Evergreen by 11.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock valued at $26,890,000 after acquiring an additional 243,098 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of 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 period. Charles Schwab Investment Management Inc. grew its stake 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 purchasing an additional 16,029 shares during the last quarter. Finally, Empowered Funds LLC increased its holdings in Pactiv Evergreen by 17.3% during the 3rd quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock valued at $8,534,000 after purchasing an additional 109,513 shares during the period. Institutional investors own 22.23% of the company’s stock.

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.