Pactiv Evergreen Inc. (NASDAQ:PTVE) Given Average Rating of "Hold" by Analysts

Pactiv Evergreen Inc. (NASDAQ:PTVE - Get Free Report) has been given a consensus rating of "Hold" by the six research firms that are covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold rating. The average 12 month price target among brokerages that have covered the stock in the last year is $16.33.

A number of research analysts have commented on the stock. Royal Bank of Canada reiterated a "sector perform" rating and set a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. UBS Group cut shares of Pactiv Evergreen from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $16.00 to $18.00 in a research report on Friday, January 10th. Jefferies Financial Group reissued a "hold" rating and issued a $18.00 price target (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Finally, Citigroup reaffirmed a "neutral" rating and set a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th.

Pactiv Evergreen Price Performance

Shares of NASDAQ PTVE traded down $0.03 during mid-day trading on Wednesday, reaching $17.74. 472,867 shares of the company were exchanged, compared to its average volume of 741,100. The stock has a market capitalization of $3.18 billion, a PE ratio of -19.28, a PEG ratio of 1.47 and a beta of 1.24. 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 has a 52 week low of $8.83 and a 52 week high of $17.81. The company's 50 day moving average price is $16.80 and its 200 day moving average price is $13.43.

Pactiv Evergreen (NASDAQ:PTVE - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. The firm had revenue of $1.33 billion during the quarter, compared to analysts' expectations 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 for the quarter was down 3.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.32 EPS. Sell-side analysts forecast that Pactiv Evergreen will post 1.05 earnings per share for the current fiscal year.

Pactiv Evergreen Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen's dividend payout ratio (DPR) is presently -43.48%.

Hedge Funds Weigh In On Pactiv Evergreen

Hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in Pactiv Evergreen by 11.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company's stock valued at $26,890,000 after purchasing an additional 243,098 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Pactiv Evergreen by 54.4% during the second quarter. AQR Capital Management LLC now owns 291,654 shares of the company's stock valued at $3,302,000 after buying an additional 102,730 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Pactiv Evergreen by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company's stock valued at $303,000 after acquiring an additional 1,431 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in Pactiv Evergreen in the second quarter worth $114,000. Finally, Point72 DIFC Ltd boosted its holdings in 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 acquiring an additional 1,965 shares in the last quarter. 22.23% of the stock is owned by institutional investors.

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.