Royal Bank of Canada Reaffirms Sector Perform Rating for Pactiv Evergreen (NASDAQ:PTVE)

Pactiv Evergreen (NASDAQ:PTVE)‘s stock had its “sector perform” rating reaffirmed by equities research analysts at Royal Bank of Canada in a research note issued on Thursday,Benzinga reports. They currently have a $18.00 target price on the stock, up from their prior target price of $14.00. Royal Bank of Canada’s price target would indicate a potential upside of 4.23% from the company’s current price.

Several other research firms have also commented on PTVE. Jefferies Financial Group reissued a “hold” rating and set a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday. Citigroup reaffirmed a “neutral” rating and issued a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $15.86.

Pactiv Evergreen Price Performance

PTVE opened at $17.27 on Thursday. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. The stock’s 50 day simple moving average is $13.32 and its 200 day simple moving average is $12.14. The firm has a market cap of $3.10 billion, a price-to-earnings ratio of -18.77, a PEG ratio of 1.70 and a beta of 1.35. Pactiv Evergreen has a 1 year low of $8.83 and a 1 year high of $17.61.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, beating 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 business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the company posted $0.32 EPS. Pactiv Evergreen’s quarterly revenue was down 3.3% compared to the same quarter last year. As a group, analysts predict that Pactiv Evergreen will post 1.03 earnings per share for the current year.

Institutional Trading of Pactiv Evergreen

A number of hedge funds have recently bought and sold shares of PTVE. Victory Capital Management Inc. purchased a new position in Pactiv Evergreen in the third quarter worth $2,074,000. Allspring Global Investments Holdings LLC boosted its position in shares of Pactiv Evergreen by 183.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock worth $939,000 after purchasing an additional 52,775 shares in the last quarter. Renaissance Technologies LLC grew its stake in Pactiv Evergreen by 25.9% during the 2nd quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock worth $6,686,000 after buying an additional 121,400 shares during the last quarter. Verition Fund Management LLC acquired a new position in Pactiv Evergreen during the 3rd quarter valued at about $215,000. Finally, Edgestream Partners L.P. raised its stake in Pactiv Evergreen by 182.3% in the second quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock valued at $3,653,000 after buying an additional 208,409 shares during the last quarter. 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.