Rhumbline Advisers Sells 1,574 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Rhumbline Advisers lowered its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 2.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 72,478 shares of the company’s stock after selling 1,574 shares during the period. Rhumbline Advisers’ holdings in Pactiv Evergreen were worth $820,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PTVE. ICA Group Wealth Management LLC bought a new stake in shares of Pactiv Evergreen during the 4th quarter worth approximately $27,000. TFO Wealth Partners LLC raised its stake in shares of Pactiv Evergreen by 111,150.0% during the 4th quarter. TFO Wealth Partners LLC now owns 2,225 shares of the company’s stock worth $31,000 after purchasing an additional 2,223 shares in the last quarter. CWM LLC raised its stake in shares of Pactiv Evergreen by 186.8% during the 2nd quarter. CWM LLC now owns 3,396 shares of the company’s stock worth $38,000 after purchasing an additional 2,212 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Pactiv Evergreen during the 2nd quarter worth approximately $83,000. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Pactiv Evergreen by 164.5% during the 1st quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company’s stock worth $105,000 after purchasing an additional 4,541 shares in the last quarter. Institutional investors own 22.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. UBS Group dropped their price target on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Citigroup dropped their price target on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, July 8th. Royal Bank of Canada dropped their price target on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, Robert W. Baird dropped their price target on Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $14.57.

Pactiv Evergreen Stock Down 2.7 %

PTVE stock opened at $11.66 on Tuesday. The company has a debt-to-equity ratio of 2.72, a current ratio of 2.04 and a quick ratio of 0.93. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of -25.35, a PEG ratio of 1.17 and a beta of 1.31. The business’s fifty day moving average price is $11.45 and its two-hundred day moving average price is $12.53. Pactiv Evergreen Inc. has a fifty-two week low of $7.58 and a fifty-two week high of $15.84.

Pactiv Evergreen (NASDAQ:PTVE) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.06). The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.36 billion. Pactiv Evergreen had a return on equity of 13.34% and a net margin of 1.49%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.20 EPS. On average, equities analysts anticipate that Pactiv Evergreen Inc. will post 0.98 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend was Friday, August 30th. Pactiv Evergreen’s dividend payout ratio (DPR) is currently -86.96%.

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.