Los Angeles Capital Management LLC cut its holdings in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) by 89.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,468 shares of the company's stock after selling 118,913 shares during the quarter. Los Angeles Capital Management LLC's holdings in Pactiv Evergreen were worth $167,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of PTVE. The Manufacturers Life Insurance Company raised its holdings in Pactiv Evergreen by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company's stock worth $303,000 after purchasing an additional 1,431 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Pactiv Evergreen by 69.2% during 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 in the last quarter. Principal Financial Group Inc. lifted its position in shares of Pactiv Evergreen by 9.0% during the 2nd quarter. Principal Financial Group Inc. now owns 20,856 shares of the company's stock valued at $236,000 after buying an additional 1,726 shares in the last quarter. Point72 DIFC Ltd raised 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 period. Finally, CWM LLC raised its stake in Pactiv Evergreen by 186.8% during the 2nd quarter. CWM LLC now owns 3,396 shares of the company's stock valued at $38,000 after purchasing an additional 2,212 shares during the period. 22.23% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
PTVE has been the subject of a number of recent analyst reports. Royal Bank of Canada dropped their price objective on Pactiv Evergreen from $15.00 to $13.00 and set an "outperform" rating for the company in a report on Wednesday, August 7th. UBS Group cut their price objective on Pactiv Evergreen from $16.00 to $15.00 and set a "buy" rating on the stock in a report on Thursday, August 8th. Finally, Robert W. Baird lowered their target price on Pactiv Evergreen from $15.00 to $12.00 and set a "neutral" rating on the stock in a research note on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.57.
Check Out Our Latest Stock Report on Pactiv Evergreen
Pactiv Evergreen Stock Performance
PTVE stock traded up $0.25 during trading on Tuesday, hitting $12.60. The company had a trading volume of 535,670 shares, compared to its average volume of 381,806. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. The firm has a 50-day moving average price of $11.67 and a 200-day moving average price of $11.79. Pactiv Evergreen Inc. has a 1-year low of $8.83 and a 1-year high of $15.84. The firm has a market cap of $2.26 billion, a PE ratio of -13.74, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30.
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 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 firm 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 EPS. Pactiv Evergreen's quarterly revenue was down 3.3% on a year-over-year basis. On average, analysts expect 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 will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend is Monday, December 2nd. Pactiv Evergreen's dividend payout ratio (DPR) is presently -43.48%.
Pactiv Evergreen Company Profile
(
Free Report)
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.
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