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

Pactiv Evergreen Inc. (NASDAQ:PTVE) has been given an average recommendation of “Moderate Buy” by the seven research firms that are presently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $14.57.

A number of brokerages have weighed in on PTVE. Citigroup reduced their target price on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, July 8th. UBS Group reduced their price objective 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. Royal Bank of Canada decreased their target price on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, Robert W. Baird dropped their target price on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 2nd.

Institutional Investors Weigh In On Pactiv Evergreen

Institutional investors have recently added to or reduced their stakes in the business. Rubric Capital Management LP lifted its holdings in Pactiv Evergreen by 3.3% during the 2nd 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. Vanguard Group Inc. raised its position in shares of Pactiv Evergreen by 3.9% during the first quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company’s stock worth $54,257,000 after acquiring an additional 143,776 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Pactiv Evergreen by 11.4% in 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. Bridgeway Capital Management LLC boosted its holdings in Pactiv Evergreen by 3.5% in the first quarter. Bridgeway Capital Management LLC now owns 1,298,224 shares of the company’s stock valued at $18,591,000 after acquiring an additional 44,374 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Pactiv Evergreen by 25.9% during the 2nd quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock worth $6,686,000 after purchasing an additional 121,400 shares during the last quarter. 22.23% of the stock is owned by institutional investors.

Pactiv Evergreen Trading Down 2.8 %

PTVE stock opened at $11.23 on Thursday. Pactiv Evergreen has a 52 week low of $7.58 and a 52 week high of $15.84. The company has a market capitalization of $2.01 billion, a PE ratio of -24.41, a price-to-earnings-growth ratio of 1.20 and a beta of 1.30. The company’s 50-day simple moving average is $11.29 and its 200 day simple moving average is $12.45. The company has a debt-to-equity ratio of 2.72, a quick ratio of 0.93 and a current ratio of 2.04.

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

Pactiv Evergreen Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend was Friday, August 30th. Pactiv Evergreen’s payout ratio is -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.