Pactiv Evergreen (NASDAQ:PTVE) Lowered to “Neutral” Rating by UBS Group

UBS Group lowered shares of Pactiv Evergreen (NASDAQ:PTVE) from a buy rating to a neutral rating in a research note published on Friday morning, Marketbeat reports. They currently have $18.00 target price on the stock, up from their previous target price of $16.00.

Other equities analysts have also recently issued research reports about the stock. Citigroup restated a “neutral” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $16.33.

Pactiv Evergreen Price Performance

PTVE stock opened at $17.53 on Friday. The firm’s 50-day moving average price is $15.15 and its two-hundred day moving average price is $12.80. Pactiv Evergreen has a 12-month low of $8.83 and a 12-month high of $17.65. The stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of -19.05, a PEG ratio of 1.70 and a beta of 1.24. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the company earned $0.32 earnings per share. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. As a group, equities analysts predict that Pactiv Evergreen will post 1.03 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

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

Institutional Investors Weigh In On Pactiv Evergreen

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rubric Capital Management LP grew its holdings in Pactiv Evergreen by 3.3% in 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. Dimensional Fund Advisors LP lifted its stake in shares of Pactiv Evergreen by 11.4% in the second 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 in the last quarter. Geode Capital Management LLC lifted its stake in shares of Pactiv Evergreen by 0.9% in 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. Charles Schwab Investment Management Inc. lifted its stake in shares of Pactiv Evergreen by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock worth $11,310,000 after buying an additional 16,029 shares in the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Pactiv Evergreen by 17.3% in the third quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock worth $8,534,000 after buying an additional 109,513 shares in the last quarter. Hedge funds and other institutional investors own 22.23% of the company’s stock.

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.