Pactiv Evergreen (NASDAQ:PTVE) Sees Large Volume Increase - Here's What Happened

Pactiv Evergreen Inc. (NASDAQ:PTVE - Get Free Report) shares saw strong trading volume on Tuesday . 1,453,715 shares were traded during mid-day trading, an increase of 188% from the previous session's volume of 503,935 shares.The stock last traded at $17.34 and had previously closed at $17.32.

Analysts Set New Price Targets

Separately, Citigroup reissued a "neutral" rating and set a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $15.14.

Pactiv Evergreen Stock Up 0.1 %

The firm has a market capitalization of $3.11 billion, a PE ratio of -18.84, a price-to-earnings-growth ratio of 1.70 and a beta of 1.35. The firm's 50-day moving average is $13.10 and its 200 day moving average is $12.07. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93.

Pactiv Evergreen (NASDAQ:PTVE - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share (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 company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the firm earned $0.32 earnings per share. The company's revenue for the quarter was down 3.3% compared to the same quarter last year. As a group, research analysts forecast that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.31%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen's payout ratio is -43.48%.

Institutional Trading of Pactiv Evergreen

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. acquired a new position in Pactiv Evergreen in the 3rd quarter valued at about $2,074,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Pactiv Evergreen by 183.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company's stock worth $939,000 after buying an additional 52,775 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Pactiv Evergreen by 25.9% during the second quarter. Renaissance Technologies LLC now owns 590,600 shares of the company's stock worth $6,686,000 after buying an additional 121,400 shares in the last quarter. Verition Fund Management LLC acquired a new position in shares of Pactiv Evergreen in the third quarter valued at approximately $215,000. Finally, Edgestream Partners L.P. lifted its stake in shares of Pactiv Evergreen by 182.3% during the second quarter. Edgestream Partners L.P. now owns 322,743 shares of the company's stock valued at $3,653,000 after buying an additional 208,409 shares during the period. 22.23% of the stock is currently owned by hedge funds and other 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.