Pactiv Evergreen (NASDAQ:PTVE) Trading 3.5% Higher

Pactiv Evergreen Inc. (NASDAQ:PTVE) traded up 3.5% on Thursday . The stock traded as high as $11.68 and last traded at $11.68. 204,782 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 400,619 shares. The stock had previously closed at $11.28.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Royal Bank of Canada decreased their price objective on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. UBS Group decreased their price objective on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Robert W. Baird decreased their price objective on Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, Citigroup decreased their price objective on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, July 8th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Pactiv Evergreen has an average rating of “Moderate Buy” and an average target price of $14.57.

Pactiv Evergreen Price Performance

The company has a quick ratio of 0.93, a current ratio of 2.04 and a debt-to-equity ratio of 2.72. The firm has a market cap of $2.07 billion, a P/E ratio of -25.04, a PEG ratio of 1.14 and a beta of 1.32. The business has a fifty day moving average of $11.46 and a 200 day moving average of $12.97.

Pactiv Evergreen (NASDAQ:PTVE) last posted its quarterly earnings results 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 business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter in the previous year, the business posted $0.20 EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, sell-side analysts anticipate that Pactiv Evergreen Inc. will post 0.98 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date is Friday, August 30th. Pactiv Evergreen’s dividend payout ratio is presently -86.96%.

Institutional Investors Weigh In On Pactiv Evergreen

Institutional investors have recently made changes to their positions in the company. Los Angeles Capital Management LLC bought a new stake in shares of Pactiv Evergreen during the fourth quarter worth approximately $2,478,000. Bridgeway Capital Management LLC boosted its holdings in shares of Pactiv Evergreen by 11.9% during the fourth quarter. Bridgeway Capital Management LLC now owns 1,253,850 shares of the company’s stock worth $17,190,000 after acquiring an additional 133,619 shares during the period. Vanguard Group Inc. boosted its holdings 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 period. Edgestream Partners L.P. bought a new stake in shares of Pactiv Evergreen during the first quarter worth approximately $1,637,000. Finally, Assenagon Asset Management S.A. raised its position 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 buying an additional 31,221 shares in the last quarter. Institutional investors 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.