Pactiv Evergreen (NASDAQ:PTVE) Receives Neutral Rating from Citigroup

Citigroup reaffirmed their neutral rating on shares of Pactiv Evergreen (NASDAQ:PTVE) in a research report released on Tuesday, MarketBeat Ratings reports. The brokerage currently has a $18.00 price objective on the stock, up from their prior price objective of $13.00.

Pactiv Evergreen Price Performance

Shares of NASDAQ PTVE opened at $17.33 on Tuesday. The company has a market capitalization of $3.11 billion, a PE ratio of -18.84, a PEG ratio of 1.44 and a beta of 1.35. 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 stock’s 50 day moving average price is $12.50 and its 200-day moving average price is $11.90. Pactiv Evergreen has a twelve month low of $8.83 and a twelve month high of $17.61.

Pactiv Evergreen (NASDAQ:PTVE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, topping 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 business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The business’s revenue was down 3.3% on a year-over-year basis. On average, equities analysts anticipate that Pactiv Evergreen will post 1.03 EPS for the current year.

Pactiv Evergreen Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date is Monday, December 2nd. Pactiv Evergreen’s payout ratio is -43.48%.

Institutional Investors Weigh In On Pactiv Evergreen

Several large investors have recently modified their holdings of the stock. CWM LLC grew its holdings in Pactiv Evergreen by 186.8% during the second quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after purchasing an additional 2,212 shares during the period. Federated Hermes Inc. grew its stake in shares of Pactiv Evergreen by 69.2% during the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock worth $41,000 after acquiring an additional 1,474 shares during the period. Innealta Capital LLC purchased a new stake in Pactiv Evergreen in the 2nd quarter worth about $83,000. Point72 DIFC Ltd raised its stake in Pactiv Evergreen by 33.2% in the 2nd quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock valued at $89,000 after acquiring an additional 1,965 shares during the period. Finally, Mackenzie Financial Corp purchased a new stake in Pactiv Evergreen during the second quarter valued at about $114,000. Hedge funds and other institutional investors own 22.23% of the company’s stock.

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.