Allspring Global Investments Holdings LLC Purchases 52,775 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Allspring Global Investments Holdings LLC raised its stake in Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) by 183.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 81,543 shares of the company's stock after buying an additional 52,775 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Pactiv Evergreen were worth $939,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Rubric Capital Management LP grew its holdings in shares of Pactiv Evergreen by 3.3% during the 2nd quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company's stock valued at $64,825,000 after acquiring an additional 185,190 shares in the last quarter. Vanguard Group Inc. grew its stake in Pactiv Evergreen by 3.9% in the first quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company's stock valued at $54,257,000 after purchasing an additional 143,776 shares in the last quarter. Dimensional Fund Advisors LP increased its position 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 purchasing an additional 243,098 shares during the last quarter. Bridgeway Capital Management LLC raised its stake in shares of Pactiv Evergreen by 3.5% during the 1st quarter. Bridgeway Capital Management LLC now owns 1,298,224 shares of the company's stock worth $18,591,000 after purchasing an additional 44,374 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Pactiv Evergreen by 25.9% during the 2nd quarter. Renaissance Technologies LLC now owns 590,600 shares of the company's stock valued at $6,686,000 after buying an additional 121,400 shares during the last quarter. Institutional investors and hedge funds own 22.23% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Royal Bank of Canada dropped their price objective on Pactiv Evergreen from $15.00 to $13.00 and set an "outperform" rating on the stock in a report on Wednesday, August 7th. Citigroup reduced their price objective on shares of Pactiv Evergreen from $16.00 to $14.00 and set a "buy" rating for the company in a research note on Monday, July 8th. UBS Group reduced their price target on Pactiv Evergreen from $16.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, August 8th. Finally, Robert W. Baird lowered their price objective on Pactiv Evergreen from $15.00 to $12.00 and set a "neutral" rating on the stock in a report on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $14.57.

Pactiv Evergreen Stock Performance

PTVE stock traded down $0.03 during mid-day trading on Friday, reaching $11.31. 219,188 shares of the stock traded hands, compared to its average volume of 385,977. The firm has a market capitalization of $2.03 billion, a PE ratio of 26.93, a P/E/G ratio of 1.29 and a beta of 1.30. The business has a 50-day moving average of $11.58 and a two-hundred day moving average of $12.07. The company has a quick ratio of 0.93, a current ratio of 2.04 and a debt-to-equity ratio of 2.72. Pactiv Evergreen Inc. has a 52 week low of $8.83 and a 52 week high of $15.84.

Pactiv Evergreen (NASDAQ:PTVE - Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.06). Pactiv Evergreen had a net margin of 1.49% and a return on equity of 13.34%. The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same period in the prior year, the company posted $0.20 earnings per share. The firm's revenue was up 6.9% compared to the same quarter last year. As a group, equities analysts predict that Pactiv Evergreen Inc. will post 0.98 EPS for the current fiscal year.

Pactiv Evergreen 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.