Pactiv Evergreen's (PTVE) Neutral Rating Reiterated at Citigroup

Citigroup reaffirmed their neutral rating on shares of Pactiv Evergreen (NASDAQ:PTVE - Free Report) in a report released on Tuesday, MarketBeat Ratings reports. They currently have a $18.00 price objective on the stock, up from their previous price objective of $13.00.

Pactiv Evergreen Trading Down 0.2 %

NASDAQ PTVE traded down $0.03 during trading hours on Tuesday, reaching $17.33. The company's stock had a trading volume of 6,344,791 shares, compared to its average volume of 453,446. 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 52 week low of $8.83 and a 52 week high of $17.61. The firm has a fifty day simple moving average of $12.38 and a 200-day simple moving average of $11.86. The stock has a market cap of $3.11 billion, a P/E ratio of -18.87, a P/E/G ratio of 1.44 and a beta of 1.35.

Pactiv Evergreen (NASDAQ:PTVE - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate 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%. The business's quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 earnings per share. Equities analysts forecast that Pactiv Evergreen will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.40 annualized dividend and a dividend yield of 2.31%. Pactiv Evergreen's dividend payout ratio is currently -43.48%.

Institutional Investors Weigh In On Pactiv Evergreen

A number of institutional investors have recently added to or reduced their stakes in the company. Rubric Capital Management LP boosted its stake in Pactiv Evergreen by 3.3% in the second 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 during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of 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 buying an additional 243,098 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of 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 buying an additional 10,158 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Pactiv Evergreen by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company's stock worth $11,310,000 after purchasing an additional 16,029 shares in the last quarter. Finally, Empowered Funds LLC lifted its stake in Pactiv Evergreen by 17.3% in the 3rd quarter. Empowered Funds LLC now owns 741,456 shares of the company's stock worth $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.