Pactiv Evergreen Inc. (NASDAQ:PTVE) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) by 70.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 484,722 shares of the company's stock after buying an additional 200,873 shares during the period. JPMorgan Chase & Co. owned 0.27% of Pactiv Evergreen worth $5,579,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Federated Hermes Inc. grew its holdings in 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 buying an additional 1,474 shares during the period. Point72 DIFC Ltd boosted its position in shares of Pactiv Evergreen by 33.2% in the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company's stock worth $89,000 after acquiring an additional 1,965 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in Pactiv Evergreen in the second quarter valued at approximately $114,000. Intech Investment Management LLC acquired a new position in Pactiv Evergreen during the third quarter worth approximately $132,000. Finally, Paloma Partners Management Co purchased a new position in Pactiv Evergreen during the third quarter worth approximately $178,000. Institutional investors and hedge funds own 22.23% of the company's stock.

Analysts Set New Price Targets

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

Pactiv Evergreen Stock Up 0.1 %

NASDAQ:PTVE traded up $0.02 during mid-day trading on Friday, hitting $17.56. The company had a trading volume of 905,478 shares, compared to its average volume of 856,434. The business has a fifty day simple moving average of $15.74 and a 200-day simple moving average of $12.99. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of -19.09, a PEG ratio of 1.45 and a beta of 1.24. Pactiv Evergreen Inc. has a 1 year low of $8.83 and a 1 year high of $17.71. 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 - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.33 by $0.03. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The company's revenue was down 3.3% on a year-over-year basis. During the same period last year, the business posted $0.32 EPS. Equities analysts forecast that Pactiv Evergreen Inc. will post 1.05 earnings per share for the current fiscal year.

Pactiv Evergreen Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, December 2nd were paid a $0.10 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.40 annualized dividend and a dividend yield of 2.28%. Pactiv Evergreen's dividend payout ratio (DPR) is presently -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.