Pactiv Evergreen (NASDAQ:PTVE) Given “Neutral” Rating at Citigroup

Citigroup reaffirmed their neutral rating on shares of Pactiv Evergreen (NASDAQ:PTVE) in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. The firm currently has a $18.00 target price on the stock, up from their previous target price of $13.00.

Pactiv Evergreen Stock Performance

NASDAQ:PTVE opened at $17.33 on Tuesday. The business’s fifty day moving average is $12.50 and its 200 day moving average is $11.90. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of -18.84, a PEG ratio of 1.44 and a beta of 1.35. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. Pactiv Evergreen has a 52-week low of $8.83 and a 52-week high of $17.61.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the business posted $0.32 earnings per share. The company’s revenue was down 3.3% on a year-over-year basis. Research analysts predict that Pactiv Evergreen will post 1.03 EPS for the current year.

Pactiv Evergreen Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.31%. Pactiv Evergreen’s dividend payout ratio (DPR) 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 grew its position in 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 in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Pactiv Evergreen by 11.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock worth $26,890,000 after purchasing an additional 243,098 shares during the last quarter. Geode Capital Management LLC raised its stake in Pactiv Evergreen by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock valued at $12,535,000 after purchasing an additional 10,158 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Pactiv Evergreen by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock valued at $11,310,000 after purchasing an additional 16,029 shares in the last quarter. Finally, Empowered Funds LLC lifted its position in Pactiv Evergreen by 17.3% during the third quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock valued at $8,534,000 after purchasing an additional 109,513 shares during the last quarter. Hedge funds and other 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.