Pactiv Evergreen (NASDAQ:PTVE) Cut to “Neutral” at UBS Group

Pactiv Evergreen (NASDAQ:PTVE) was downgraded by research analysts at UBS Group from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. They currently have a $18.00 price objective on the stock, up from their prior price objective of $16.00. UBS Group’s price target would indicate a potential upside of 2.68% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Royal Bank of Canada restated a “sector perform” rating and issued a $18.00 target price (up from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Citigroup reiterated a “neutral” rating and issued a $18.00 price target (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Finally, Jefferies Financial Group restated a “hold” rating and set a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Pactiv Evergreen has an average rating of “Hold” and an average target price of $16.33.

Pactiv Evergreen Price Performance

Shares of NASDAQ PTVE opened at $17.53 on Friday. Pactiv Evergreen has a twelve month low of $8.83 and a twelve month high of $17.65. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The firm has a 50-day moving average of $15.15 and a two-hundred day moving average of $12.79. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of -19.05, a PEG ratio of 1.70 and a beta of 1.24.

Pactiv Evergreen (NASDAQ:PTVE) last released its earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates 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 quarterly revenue was down 3.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.32 earnings per share. As a group, analysts expect that Pactiv Evergreen will post 1.03 earnings per share for the current fiscal year.

Institutional Trading of Pactiv Evergreen

Institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its position in Pactiv Evergreen by 70.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock worth $5,579,000 after buying an additional 200,873 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Pactiv Evergreen by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock worth $12,535,000 after acquiring an additional 10,158 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in shares of Pactiv Evergreen by 43.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 38,833 shares of the company’s stock worth $447,000 after acquiring an additional 11,670 shares in the last quarter. Clearline Capital LP boosted its position in Pactiv Evergreen by 15.6% during the third quarter. Clearline Capital LP now owns 167,558 shares of the company’s stock valued at $1,929,000 after purchasing an additional 22,569 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new position in Pactiv Evergreen in the third quarter valued at about $178,000. 22.23% of the stock is currently owned by institutional investors and hedge funds.

About Pactiv Evergreen

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.