Barclays PLC Has $731,000 Stake in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Barclays PLC lowered its holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 54.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 63,533 shares of the company’s stock after selling 76,767 shares during the quarter. Barclays PLC’s holdings in Pactiv Evergreen were worth $731,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. The Manufacturers Life Insurance Company lifted its stake in shares of Pactiv Evergreen by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company’s stock valued at $303,000 after buying an additional 1,431 shares in the last quarter. Federated Hermes Inc. raised its holdings 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 worth $41,000 after acquiring an additional 1,474 shares during the last quarter. Principal Financial Group Inc. lifted its position in Pactiv Evergreen by 9.0% in the 2nd quarter. Principal Financial Group Inc. now owns 20,856 shares of the company’s stock valued at $236,000 after acquiring an additional 1,726 shares in the last quarter. Point72 DIFC Ltd boosted its stake in 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 purchasing an additional 1,965 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new stake in Pactiv Evergreen during the 2nd quarter worth approximately $114,000. Institutional investors and hedge funds own 22.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Citigroup restated a “neutral” rating and issued a $18.00 target price (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price target (up from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 price objective (up from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Pactiv Evergreen has an average rating of “Hold” and an average target price of $15.86.

Pactiv Evergreen Stock Performance

Shares of PTVE opened at $17.47 on Wednesday. The stock has a 50 day moving average of $14.08 and a 200 day moving average of $12.42. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of -18.99, a PEG ratio of 1.70 and a beta of 1.35. Pactiv Evergreen Inc. has a 12 month low of $8.83 and a 12 month high of $17.61. 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 announced its earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.03. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The business’s revenue was down 3.3% compared to the same quarter last year. During the same period last year, the firm posted $0.32 EPS. As a group, sell-side analysts forecast that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio 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.