JPMorgan Chase & Co. Buys 200,873 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

JPMorgan Chase & Co. raised its stake in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 70.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 484,722 shares of the company’s stock after acquiring an additional 200,873 shares during the quarter. JPMorgan Chase & Co.’s holdings in Pactiv Evergreen were worth $5,579,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. acquired a new stake in shares of Pactiv Evergreen in the 3rd quarter valued at about $2,074,000. Allspring Global Investments Holdings LLC raised its stake in Pactiv Evergreen by 183.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock worth $939,000 after buying an additional 52,775 shares during the period. Renaissance Technologies LLC boosted its holdings in Pactiv Evergreen by 25.9% in the second quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock worth $6,686,000 after acquiring an additional 121,400 shares in the last quarter. Verition Fund Management LLC acquired a new stake in Pactiv Evergreen in the third quarter valued at approximately $215,000. Finally, Segall Bryant & Hamill LLC bought a new stake in shares of Pactiv Evergreen during the third quarter valued at approximately $3,899,000. 22.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. UBS Group downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $16.00 to $18.00 in a research report on Friday, January 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Finally, Citigroup reissued a “neutral” rating and set a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $16.33.

Pactiv Evergreen Stock Down 0.2 %

Pactiv Evergreen stock opened at $17.54 on Friday. Pactiv Evergreen Inc. has a fifty-two week low of $8.83 and a fifty-two week high of $17.71. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. The firm’s 50-day simple moving average is $15.51 and its 200 day simple moving average is $12.92. The stock has a market cap of $3.15 billion, a PE ratio of -19.07, a price-to-earnings-growth ratio of 1.45 and a beta of 1.24.

Pactiv Evergreen (NASDAQ:PTVE) last issued 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 company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period last year, the business posted $0.32 earnings per share. Pactiv Evergreen’s revenue was down 3.3% on a year-over-year basis. Research analysts predict that Pactiv Evergreen Inc. will post 1.05 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, December 2nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend was Monday, December 2nd. Pactiv Evergreen’s payout ratio is -43.48%.

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.