Assenagon Asset Management S.A. Sells 284,174 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Assenagon Asset Management S.A. cut its position in Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) by 80.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 68,800 shares of the company's stock after selling 284,174 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Pactiv Evergreen were worth $792,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. CWM LLC raised its stake in shares of Pactiv Evergreen by 186.8% in the second quarter. CWM LLC now owns 3,396 shares of the company's stock valued at $38,000 after buying an additional 2,212 shares during the period. Federated Hermes Inc. raised its stake in shares of Pactiv Evergreen by 69.2% in the second 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. Innealta Capital LLC bought a new stake in shares of Pactiv Evergreen in the second quarter valued at $83,000. Point72 DIFC Ltd raised its stake 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 valued at $89,000 after buying an additional 1,965 shares during the period. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Pactiv Evergreen by 164.5% in the first quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company's stock valued at $105,000 after buying an additional 4,541 shares during the period. 22.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PTVE. Royal Bank of Canada decreased their price objective on Pactiv Evergreen from $15.00 to $13.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 7th. UBS Group decreased their price objective on Pactiv Evergreen from $16.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, August 8th. Citigroup decreased their price objective on Pactiv Evergreen from $16.00 to $14.00 and set a "buy" rating on the stock in a research note on Monday, July 8th. Finally, Robert W. Baird reduced their target price on Pactiv Evergreen from $15.00 to $12.00 and set a "neutral" rating for the company in a research report 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $14.57.

Pactiv Evergreen Price Performance

Shares of PTVE traded down $0.03 during midday trading on Friday, reaching $11.31. The stock had a trading volume of 219,189 shares, compared to its average volume of 231,200. The company's 50-day moving average is $11.58 and its 200 day moving average is $12.05. Pactiv Evergreen Inc. has a 12-month low of $8.83 and a 12-month high of $15.84. The company has a current ratio of 2.04, a quick ratio of 0.93 and a debt-to-equity ratio of 2.72. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of 26.93, a price-to-earnings-growth ratio of 1.28 and a beta of 1.30.

Pactiv Evergreen (NASDAQ:PTVE - Get Free Report) last issued its earnings results 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). The company had revenue of $1.34 billion for the quarter, compared to analysts' expectations of $1.36 billion. Pactiv Evergreen had a net margin of 1.49% and a return on equity of 13.34%. The company's revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.20 earnings per share. On average, equities analysts predict that Pactiv Evergreen Inc. will post 0.98 EPS for the current fiscal year.

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.