Brokerages Set Pactiv Evergreen Inc. (NASDAQ:PTVE) PT at $14.57

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) have been assigned an average rating of “Moderate Buy” from the seven ratings firms that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $14.57.

A number of equities research analysts recently issued reports on PTVE shares. UBS Group reduced their target price on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Citigroup decreased their price objective on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, July 8th. Royal Bank of Canada cut their target price on shares of Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, Robert W. Baird decreased their price target on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd.

Pactiv Evergreen Stock Performance

NASDAQ:PTVE opened at $11.41 on Thursday. The company has a market cap of $2.04 billion, a P/E ratio of -24.80, a P/E/G ratio of 1.20 and a beta of 1.30. The company’s 50-day moving average price is $11.22 and its 200-day moving average price is $12.43. Pactiv Evergreen has a twelve month low of $7.58 and a twelve month high of $15.84. The company has a current ratio of 2.04, a quick ratio of 0.93 and a debt-to-equity ratio of 2.72.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings data 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 company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same period in the prior year, the firm posted $0.20 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts forecast that Pactiv Evergreen will post 0.98 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 annualized dividend and a yield of 3.51%. Pactiv Evergreen’s payout ratio is currently -86.96%.

Hedge Funds Weigh In On Pactiv Evergreen

Large investors have recently added to or reduced their stakes in the business. Rubric Capital Management LP raised its stake 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 purchasing an additional 185,190 shares during the period. Vanguard Group Inc. raised its position in shares of Pactiv Evergreen by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company’s stock worth $54,257,000 after buying an additional 143,776 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Pactiv Evergreen by 11.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock worth $26,890,000 after buying an additional 243,098 shares during the period. Bridgeway Capital Management LLC boosted its holdings in Pactiv Evergreen by 3.5% in the first quarter. Bridgeway Capital Management LLC now owns 1,298,224 shares of the company’s stock valued at $18,591,000 after acquiring an additional 44,374 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in Pactiv Evergreen by 25.9% during the second quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock valued at $6,686,000 after acquiring an additional 121,400 shares during the period. 22.23% of the stock is currently owned by hedge funds and other institutional investors.

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.