Pactiv Evergreen’s (PTVE) “Hold” Rating Reiterated at Jefferies Financial Group

Jefferies Financial Group reissued their hold rating on shares of Pactiv Evergreen (NASDAQ:PTVE) in a research note published on Wednesday morning, MarketBeat.com reports. The firm currently has a $18.00 price target on the stock, up from their previous price target of $15.00.

Separately, Citigroup reiterated a “neutral” rating and issued a $18.00 price objective (up previously 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 issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $15.86.

Pactiv Evergreen Stock Performance

Shares of Pactiv Evergreen stock opened at $17.27 on Wednesday. The business has a fifty day simple moving average of $13.32 and a 200-day simple moving average of $12.14. The stock has a market cap of $3.10 billion, a PE ratio of -18.77, a price-to-earnings-growth ratio of 1.70 and a beta of 1.35. Pactiv Evergreen has a 12 month low of $8.83 and a 12 month high of $17.61. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share 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 during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the firm earned $0.32 EPS. The business’s revenue was down 3.3% on a year-over-year basis. On average, sell-side analysts anticipate that Pactiv Evergreen will post 1.03 EPS for the current fiscal year.

Pactiv Evergreen Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.32%. Pactiv Evergreen’s payout ratio is -43.48%.

Hedge Funds Weigh In On Pactiv Evergreen

A number of hedge funds have recently bought and sold shares of PTVE. CWM LLC increased its holdings in Pactiv Evergreen by 186.8% in 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 in the last quarter. Federated Hermes Inc. increased its stake in shares of Pactiv Evergreen by 69.2% in the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after acquiring an additional 1,474 shares in the last quarter. Innealta Capital LLC acquired a new position in shares of Pactiv Evergreen during the 2nd quarter valued at $83,000. Point72 DIFC Ltd lifted its position in shares of Pactiv Evergreen by 33.2% during the 2nd quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock valued at $89,000 after acquiring an additional 1,965 shares during the period. Finally, Mackenzie Financial Corp bought a new position in Pactiv Evergreen during the second quarter worth $114,000. 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.