Verition Fund Management LLC Purchases New Stake in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Verition Fund Management LLC bought a new stake in Pactiv Evergreen Inc. (NASDAQ:PTVE) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 18,656 shares of the company’s stock, valued at approximately $215,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PTVE. 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. lifted its holdings in Pactiv Evergreen by 69.2% during 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 during the last quarter. Innealta Capital LLC bought a new position in Pactiv Evergreen during the second quarter worth about $83,000. Point72 DIFC Ltd increased its stake in shares of Pactiv Evergreen by 33.2% in the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after purchasing an additional 1,965 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new stake in shares of Pactiv Evergreen in the second quarter valued at approximately $114,000. 22.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Citigroup reiterated a “neutral” rating and issued a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.14.

Pactiv Evergreen Stock Performance

Pactiv Evergreen stock opened at $17.28 on Monday. The firm’s 50 day simple moving average is $12.86 and its 200 day simple moving average is $12.00. 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 Inc. has a 1-year low of $8.83 and a 1-year high of $17.61. The firm has a market capitalization of $3.10 billion, a PE ratio of -18.78, a price-to-earnings-growth ratio of 1.70 and a beta of 1.35.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the business posted $0.32 earnings per share. The firm’s revenue was down 3.3% compared to the same quarter last year. As a group, analysts expect that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.31%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio (DPR) is -43.48%.

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.