State Street Corp Decreases Stake in Pactiv Evergreen Inc. (NASDAQ:PTVE)

State Street Corp lessened its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 5.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 985,339 shares of the company’s stock after selling 60,797 shares during the period. State Street Corp’s holdings in Pactiv Evergreen were worth $11,341,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Rubric Capital Management LP lifted its stake in shares of Pactiv Evergreen by 3.3% during 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 Pactiv Evergreen by 11.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock worth $26,890,000 after acquiring an additional 243,098 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Pactiv Evergreen by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock worth $11,310,000 after acquiring an additional 16,029 shares during the period. Empowered Funds LLC lifted its position in Pactiv Evergreen by 17.3% during the 3rd quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock worth $8,534,000 after acquiring an additional 109,513 shares during the period. Finally, Renaissance Technologies LLC grew its stake in Pactiv Evergreen by 25.9% during the 2nd quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock valued at $6,686,000 after purchasing an additional 121,400 shares during the last quarter. Institutional investors and hedge funds own 22.23% of the company’s stock.

Analysts Set New Price Targets

PTVE has been the subject of several research analyst reports. Jefferies Financial Group restated a “hold” rating and issued a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Finally, Citigroup restated a “neutral” rating and set a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $15.86.

Pactiv Evergreen Stock Up 0.8 %

Pactiv Evergreen stock opened at $17.44 on Thursday. The business’s 50-day moving average price is $13.76 and its 200 day moving average price is $12.29. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of -18.96, a price-to-earnings-growth ratio of 1.70 and a beta of 1.35. Pactiv Evergreen Inc. has a 52 week low of $8.83 and a 52 week high of $17.61.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The business’s revenue was down 3.3% on a year-over-year basis. During the same quarter last year, the company earned $0.32 EPS. As a group, sell-side analysts anticipate that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.29%. 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.