Barclays PLC Sells 76,767 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Barclays PLC reduced its position in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 54.7% in the 3rd quarter, Holdings Channel reports. The firm owned 63,533 shares of the company’s stock after selling 76,767 shares during the quarter. Barclays PLC’s holdings in Pactiv Evergreen were worth $731,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. bought a new position in Pactiv Evergreen in the third quarter worth $2,074,000. Allspring Global Investments Holdings LLC raised its stake in Pactiv Evergreen by 183.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock worth $939,000 after acquiring an additional 52,775 shares in the last quarter. Renaissance Technologies LLC raised its stake in Pactiv Evergreen by 25.9% during the second quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock worth $6,686,000 after acquiring an additional 121,400 shares in the last quarter. Verition Fund Management LLC acquired a new position in Pactiv Evergreen during the third quarter worth $215,000. Finally, Edgestream Partners L.P. raised its stake in Pactiv Evergreen by 182.3% during the second quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock worth $3,653,000 after acquiring an additional 208,409 shares in the last quarter. 22.23% of the stock is owned by institutional investors.

Pactiv Evergreen Stock Performance

Shares of NASDAQ:PTVE opened at $17.57 on Thursday. Pactiv Evergreen Inc. has a twelve month low of $8.83 and a twelve month high of $17.71. The firm has a market cap of $3.15 billion, a PE ratio of -19.10, a price-to-earnings-growth ratio of 1.70 and a beta of 1.24. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. The business has a fifty day moving average of $15.40 and a 200-day moving average of $12.88.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The company’s revenue was down 3.3% on a year-over-year basis. During the same period last year, the company earned $0.32 earnings per share. On average, equities research analysts predict that Pactiv Evergreen Inc. will post 1.03 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were given 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 2.28%. Pactiv Evergreen’s payout ratio is -43.48%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PTVE. Jefferies Financial Group reiterated a “hold” rating and set a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. UBS Group lowered Pactiv Evergreen from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $16.00 to $18.00 in a research note on Friday, January 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 price objective (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Finally, Citigroup restated a “neutral” rating and issued a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.33.

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.