Pactiv Evergreen Inc. (NASDAQ:PTVE) Given Average Recommendation of “Hold” by Analysts

Pactiv Evergreen Inc. (NASDAQ:PTVE) has received an average rating of “Hold” from the six research firms that are presently covering the company, MarketBeat reports. Six research analysts have rated the stock with a hold rating. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $16.33.

Several research analysts recently issued reports on the company. Citigroup reissued a “neutral” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 target price (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Jefferies Financial Group reaffirmed a “hold” rating and set a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Finally, UBS Group cut Pactiv Evergreen from a “buy” rating to a “neutral” rating and increased their target price for the company from $16.00 to $18.00 in a research report on Friday, January 10th.

Pactiv Evergreen Stock Up 0.2 %

Shares of NASDAQ:PTVE opened at $17.81 on Wednesday. Pactiv Evergreen has a 52-week low of $8.83 and a 52-week high of $17.81. The stock has a market cap of $3.19 billion, a P/E ratio of -19.36, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. The business’s 50 day moving average is $16.52 and its 200 day moving average is $13.32. 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 announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.37 billion. During the same quarter in the prior year, the firm earned $0.32 earnings per share. Pactiv Evergreen’s revenue was down 3.3% compared to the same quarter last year. Sell-side analysts predict that Pactiv Evergreen will post 1.05 EPS for the current year.

Pactiv Evergreen Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, December 2nd were given 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 dividend yield of 2.25%. Pactiv Evergreen’s payout ratio is -43.48%.

Hedge Funds Weigh In On Pactiv Evergreen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Pactiv Evergreen by 11.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock worth $26,890,000 after acquiring an additional 243,098 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Pactiv Evergreen by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock valued at $12,535,000 after buying an additional 10,158 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Pactiv Evergreen by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock valued at $11,310,000 after buying an additional 16,029 shares during the last quarter. Empowered Funds LLC raised its stake in shares of Pactiv Evergreen by 17.3% during the 3rd quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock valued at $8,534,000 after buying an additional 109,513 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Pactiv Evergreen by 70.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock valued at $5,579,000 after buying an additional 200,873 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.