Pactiv Evergreen (NASDAQ:PTVE) Reaches New 1-Year High - Should You Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $17.71 and last traded at $17.59, with a volume of 33960 shares. The stock had previously closed at $17.56.

Wall Street Analyst Weigh In

PTVE has been the subject of a number of recent research reports. Citigroup reiterated a "neutral" rating and set a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. UBS Group cut shares of Pactiv Evergreen from a "buy" rating to a "neutral" rating and boosted their target price for the company from $16.00 to $18.00 in a research note on Friday, January 10th. Jefferies Financial Group reiterated a "hold" rating and issued a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat.com, Pactiv Evergreen has an average rating of "Hold" and an average target price of $16.33.

Pactiv Evergreen Stock Up 0.1 %

The firm has a market cap of $3.15 billion, a PE ratio of -19.10, a PEG ratio of 1.70 and a beta of 1.24. The business's 50 day moving average price is $15.40 and its 200 day moving average price is $12.88. 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 (NASDAQ:PTVE - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. The business 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 revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.32 earnings per share. On average, equities research analysts expect that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.28%. Pactiv Evergreen's payout ratio is currently -43.48%.

Institutional Investors Weigh In On Pactiv Evergreen

A number of large investors have recently modified their holdings of PTVE. Federated Hermes Inc. boosted its position in Pactiv Evergreen by 69.2% during the second quarter. Federated Hermes Inc. now owns 3,605 shares of the company's stock worth $41,000 after acquiring an additional 1,474 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Pactiv Evergreen by 11.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company's stock worth $26,890,000 after purchasing an additional 243,098 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Pactiv Evergreen by 25.9% during the 2nd quarter. Renaissance Technologies LLC now owns 590,600 shares of the company's stock worth $6,686,000 after purchasing an additional 121,400 shares during the last quarter. Edgestream Partners L.P. grew its position in shares of Pactiv Evergreen by 182.3% in the second quarter. Edgestream Partners L.P. now owns 322,743 shares of the company's stock valued at $3,653,000 after purchasing an additional 208,409 shares in the last quarter. Finally, Rubric Capital Management LP grew its position in shares of 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 purchasing an additional 185,190 shares in the last quarter. Hedge funds and other institutional investors own 22.23% of the company's stock.

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.