Pactiv Evergreen (NASDAQ:PTVE) Sets New 52-Week High - Still a Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $17.62 and last traded at $17.62, with a volume of 317673 shares trading hands. The stock had previously closed at $17.52.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Citigroup reaffirmed a "neutral" rating and set a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Jefferies Financial Group restated a "hold" rating and issued a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $15.83.

Pactiv Evergreen Price Performance

The company has a market capitalization of $3.16 billion, a P/E ratio of -19.15, a price-to-earnings-growth ratio of 1.70 and a beta of 1.24. The business's 50-day moving average is $14.78 and its two-hundred day moving average is $12.67. 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 (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 the consensus estimate of $0.33 by $0.03. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the business posted $0.32 EPS. The company's revenue for the quarter was down 3.3% on a year-over-year basis. As a group, analysts predict that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were given a $0.10 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.40 annualized dividend and a yield of 2.27%. Pactiv Evergreen's dividend payout ratio is currently -43.48%.

Institutional Investors Weigh In On Pactiv Evergreen

Several large investors have recently made changes to their positions in PTVE. Federated Hermes Inc. boosted its holdings in shares of Pactiv Evergreen by 69.2% in the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company's stock worth $41,000 after buying an additional 1,474 shares during the last quarter. Point72 DIFC Ltd boosted its stake 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 during the last quarter. Mackenzie Financial Corp bought a new position in shares of Pactiv Evergreen during the 2nd quarter valued at approximately $114,000. Intech Investment Management LLC purchased a new stake in shares of Pactiv Evergreen during the 3rd quarter worth approximately $132,000. Finally, Wedbush Securities Inc. bought a new stake in shares of Pactiv Evergreen in the 2nd quarter worth approximately $145,000. 22.23% of the stock is owned by hedge funds and other 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.