Principal Financial Group Inc. Sells 926 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Principal Financial Group Inc. lessened its stake in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 4.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 19,930 shares of the company’s stock after selling 926 shares during the quarter. Principal Financial Group Inc.’s holdings in Pactiv Evergreen were worth $229,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PTVE. The Manufacturers Life Insurance Company boosted its stake in Pactiv Evergreen by 5.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company’s stock worth $303,000 after purchasing an additional 1,431 shares during the period. Federated Hermes Inc. lifted its holdings in shares of Pactiv Evergreen by 69.2% in the second quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after purchasing an additional 1,474 shares in the last quarter. Point72 DIFC Ltd boosted its position in shares of Pactiv Evergreen by 33.2% during the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after buying an additional 1,965 shares during the period. Mackenzie Financial Corp acquired a new position in shares of Pactiv Evergreen during the second quarter worth about $114,000. Finally, Geode Capital Management LLC grew its holdings in shares of Pactiv Evergreen by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock worth $12,535,000 after buying an additional 10,158 shares in the last quarter. Institutional investors own 22.23% of the company’s stock.

Pactiv Evergreen Trading Up 0.5 %

Shares of Pactiv Evergreen stock opened at $17.52 on Tuesday. The stock has a market cap of $3.14 billion, a P/E ratio of -19.04, a P/E/G ratio of 1.70 and a beta of 1.24. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. Pactiv Evergreen Inc. has a 12-month low of $8.83 and a 12-month high of $17.61. The business’s 50 day moving average is $14.66 and its 200-day moving average is $12.63.

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

Pactiv Evergreen Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend was Monday, December 2nd. Pactiv Evergreen’s payout ratio is currently -43.48%.

Analyst Ratings Changes

Several research firms have commented on PTVE. Citigroup restated a “neutral” rating and issued a $18.00 target price (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 target price (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $15.83.

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.