Pactiv Evergreen’s (PTVE) “Neutral” Rating Reaffirmed at Citigroup

Citigroup reissued their neutral rating on shares of Pactiv Evergreen (NASDAQ:PTVE) in a report issued on Tuesday morning, Marketbeat.com reports. Citigroup currently has a $18.00 target price on the stock, up from their previous target price of $13.00.

Pactiv Evergreen Trading Down 0.1 %

NASDAQ:PTVE opened at $17.26 on Tuesday. The firm has a market cap of $3.09 billion, a PE ratio of -18.76, a price-to-earnings-growth ratio of 1.44 and a beta of 1.35. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The stock has a fifty day moving average price of $12.74 and a 200 day moving average price of $11.97. Pactiv Evergreen has a 12-month low of $8.83 and a 12-month high of $17.61.

Pactiv Evergreen (NASDAQ:PTVE) last released its 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. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The firm’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 EPS. Sell-side analysts anticipate that Pactiv Evergreen will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.40 annualized dividend and a yield of 2.32%. Pactiv Evergreen’s dividend payout ratio (DPR) is -43.48%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD acquired a new position in Pactiv Evergreen in the first quarter valued at about $164,000. CWM LLC boosted its holdings in Pactiv Evergreen by 186.8% during the second 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 last quarter. SG Americas Securities LLC acquired a new position in Pactiv Evergreen during the second quarter worth $123,000. Assenagon Asset Management S.A. lifted its stake in Pactiv Evergreen by 9.7% in the second quarter. Assenagon Asset Management S.A. now owns 352,974 shares of the company’s stock valued at $3,996,000 after acquiring an additional 31,221 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Pactiv Evergreen during the 2nd quarter worth about $326,000. 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.