Pactiv Evergreen (NASDAQ:PTVE) Downgraded by UBS Group to "Neutral"

Pactiv Evergreen (NASDAQ:PTVE - Get Free Report) was downgraded by stock analysts at UBS Group from a "buy" rating to a "neutral" rating in a research note issued to investors on Friday, Marketbeat Ratings reports. They presently have a $18.00 target price on the stock, up from their prior target price of $16.00. UBS Group's price target would suggest a potential upside of 2.68% from the stock's previous close.

Several other research firms have also recently issued reports on PTVE. 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 research report on Wednesday, December 18th. Citigroup restated a "neutral" rating and set a $18.00 price target (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Six equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, Pactiv Evergreen currently has a consensus rating of "Hold" and a consensus price target of $16.33.

Pactiv Evergreen Stock Performance

Pactiv Evergreen stock traded down $0.01 during mid-day trading on Friday, reaching $17.53. 895,635 shares of the stock traded hands, compared to its average volume of 992,239. The stock has a market capitalization of $3.14 billion, a PE ratio of -19.05, a price-to-earnings-growth ratio of 1.70 and a beta of 1.24. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. Pactiv Evergreen has a 12-month low of $8.83 and a 12-month high of $17.65. The business's 50-day moving average is $15.03 and its 200-day moving average is $12.74.

Pactiv Evergreen (NASDAQ:PTVE - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. The company 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%. Pactiv Evergreen's revenue for the quarter was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.32 earnings per share. As a group, sell-side analysts predict that Pactiv Evergreen will post 1.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Pactiv Evergreen

A number of institutional investors and hedge funds have recently modified their holdings of the business. Rubric Capital Management LP raised its position in 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 purchasing an additional 185,190 shares in the last quarter. 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 in the last quarter. Geode Capital Management LLC raised its position in Pactiv Evergreen by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company's stock valued at $12,535,000 after purchasing an additional 10,158 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Pactiv Evergreen by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company's stock valued at $11,310,000 after purchasing an additional 16,029 shares in the last quarter. Finally, Empowered Funds LLC raised its position in Pactiv Evergreen by 17.3% during the 3rd quarter. Empowered Funds LLC now owns 741,456 shares of the company's stock valued at $8,534,000 after purchasing an additional 109,513 shares in the last quarter. 22.23% of the stock is owned by institutional investors.

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.