Brokerages Set Pactiv Evergreen Inc. (NASDAQ:PTVE) PT at $14.57

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) have earned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $15.14.

Separately, Citigroup reiterated a “neutral” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday.

Institutional Trading of Pactiv Evergreen

Large investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD acquired a new position in Pactiv Evergreen during the 1st quarter worth about $164,000. CWM LLC grew its stake in shares of Pactiv Evergreen by 186.8% during 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. SG Americas Securities LLC acquired a new stake in shares of Pactiv Evergreen in the second quarter valued at approximately $123,000. Assenagon Asset Management S.A. increased its holdings in shares of Pactiv Evergreen by 9.7% in the second quarter. Assenagon Asset Management S.A. now owns 352,974 shares of the company’s stock valued at $3,996,000 after purchasing an additional 31,221 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in Pactiv Evergreen in the 2nd quarter worth approximately $326,000. 22.23% of the stock is owned by institutional investors.

Pactiv Evergreen Stock Down 0.1 %

PTVE stock opened at $17.26 on Tuesday. Pactiv Evergreen has a 52 week low of $8.83 and a 52 week high of $17.61. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of -18.76, a price-to-earnings-growth ratio of 1.44 and a beta of 1.35. The firm’s 50-day moving average is $12.74 and its two-hundred day moving average is $11.97. 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 (NASDAQ:PTVE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the firm earned $0.32 EPS. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. On average, analysts forecast that Pactiv Evergreen will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Monday, December 2nd. Pactiv Evergreen’s payout ratio is -43.48%.

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.