Pactiv Evergreen Inc. (NASDAQ:PTVE) Receives Consensus Recommendation of “Hold” from Analysts

Pactiv Evergreen Inc. (NASDAQ:PTVE) has been assigned an average rating of “Hold” from the six brokerages that are currently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $15.83.

Several analysts have recently commented on the stock. Citigroup reaffirmed a “neutral” rating and set a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 price target (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price objective (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th.

Pactiv Evergreen Price Performance

PTVE stock opened at $17.43 on Friday. 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 -18.95, a PEG ratio of 1.70 and a beta of 1.35. The company’s fifty day simple moving average is $14.54 and its 200 day simple moving average is $12.57. Pactiv Evergreen has a 12-month low of $8.83 and a 12-month high of $17.61.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share (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 for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the business earned $0.32 EPS. The firm’s revenue was down 3.3% compared to the same quarter last year. On average, analysts expect that Pactiv Evergreen will post 1.03 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio is currently -43.48%.

Institutional Investors Weigh In On Pactiv Evergreen

A number of institutional investors and hedge funds have recently made changes to their positions in PTVE. Rubric Capital Management LP increased 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 purchasing an additional 185,190 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Pactiv Evergreen by 11.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock worth $26,890,000 after buying an additional 243,098 shares in the last quarter. Geode Capital Management LLC raised its position in Pactiv Evergreen by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock valued at $12,535,000 after buying an additional 10,158 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake 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 valued at $11,310,000 after acquiring an additional 16,029 shares in the last quarter. Finally, Empowered Funds LLC boosted 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 worth $8,534,000 after acquiring an additional 109,513 shares during the last quarter. Institutional investors and hedge funds own 22.23% of the company’s stock.

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.