Y Intercept Hong Kong Ltd Reduces Stock Position in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Y Intercept Hong Kong Ltd cut its position in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 84.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,633 shares of the company’s stock after selling 73,707 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Pactiv Evergreen were worth $157,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. CWM LLC boosted its position in Pactiv Evergreen by 186.8% in the second quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after buying an additional 2,212 shares during the last quarter. Federated Hermes Inc. lifted its stake in Pactiv Evergreen by 69.2% during the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after acquiring an additional 1,474 shares during the period. Innealta Capital LLC purchased a new stake in shares of Pactiv Evergreen in the 2nd quarter valued at $83,000. Point72 DIFC Ltd increased its stake in shares of Pactiv Evergreen by 33.2% in the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after acquiring an additional 1,965 shares during the period. Finally, Mackenzie Financial Corp purchased a new position in shares of Pactiv Evergreen during the second quarter worth $114,000. 22.23% of the stock is currently owned by hedge funds and other institutional investors.

Pactiv Evergreen Trading Up 0.2 %

PTVE stock opened at $17.27 on Friday. Pactiv Evergreen Inc. has a 52-week low of $8.83 and a 52-week high of $17.61. 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 $3.10 billion, a P/E ratio of -18.77, a PEG ratio of 1.70 and a beta of 1.35. The company’s 50-day simple moving average is $13.32 and its 200-day simple moving average is $12.14.

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

Pactiv Evergreen Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were paid a $0.10 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.32%. Pactiv Evergreen’s dividend payout ratio is currently -43.48%.

Wall Street Analysts Forecast Growth

PTVE has been the topic of several recent research reports. 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 report on Wednesday. Royal Bank of Canada restated a “sector perform” rating and issued a $18.00 target price (up previously from $14.00) on shares of Pactiv Evergreen in a research note on Thursday. Finally, Citigroup reiterated a “neutral” rating and set a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $15.86.

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.