Assenagon Asset Management S.A. Decreases Holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Assenagon Asset Management S.A. trimmed its holdings in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 80.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 68,800 shares of the company’s stock after selling 284,174 shares during the period. Assenagon Asset Management S.A.’s holdings in Pactiv Evergreen were worth $792,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in PTVE. CWM LLC boosted its position in Pactiv Evergreen by 186.8% during the 2nd quarter. CWM LLC now owns 3,396 shares of the company’s stock worth $38,000 after purchasing an additional 2,212 shares during the period. Federated Hermes Inc. boosted its position in 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 purchasing an additional 1,474 shares during the period. Innealta Capital LLC purchased a new stake in Pactiv Evergreen during the 2nd quarter worth $83,000. Point72 DIFC Ltd boosted its position in Pactiv Evergreen by 33.2% during the 2nd quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after purchasing an additional 1,965 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its position in Pactiv Evergreen by 164.5% in the 1st quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company’s stock valued at $105,000 after buying an additional 4,541 shares during the last quarter. 22.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PTVE shares. Citigroup decreased their price objective on shares of Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, July 8th. UBS Group decreased their price objective on shares of Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada decreased their price objective on shares of Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Robert W. Baird decreased their price objective on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Pactiv Evergreen has a consensus rating of “Moderate Buy” and an average target price of $14.57.

Pactiv Evergreen Stock Performance

Shares of Pactiv Evergreen stock opened at $11.31 on Friday. The firm has a market cap of $2.03 billion, a PE ratio of 26.93, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30. The firm’s 50-day simple moving average is $11.58 and its 200-day simple moving average is $12.07. The company has a debt-to-equity ratio of 2.72, a quick ratio of 0.93 and a current ratio of 2.04. Pactiv Evergreen Inc. has a 1 year low of $8.83 and a 1 year high of $15.84.

Pactiv Evergreen (NASDAQ:PTVE) last issued its earnings results on Wednesday, July 31st. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.06). The company had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.36 billion. Pactiv Evergreen had a net margin of 1.49% and a return on equity of 13.34%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.20 EPS. Equities analysts forecast that Pactiv Evergreen Inc. will post 0.98 earnings per share for the current fiscal year.

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.