Pactiv Evergreen Inc. (NASDAQ:PTVE) Shares Sold by State Street Corp

State Street Corp cut its position in Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) by 5.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 985,339 shares of the company's stock after selling 60,797 shares during the period. State Street Corp owned approximately 0.55% of Pactiv Evergreen worth $11,341,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PTVE. Federated Hermes Inc. grew its position in Pactiv Evergreen by 69.2% during the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company's stock worth $41,000 after purchasing an additional 1,474 shares during the period. Innealta Capital LLC acquired a new stake in Pactiv Evergreen during the second quarter worth about $83,000. Point72 DIFC Ltd raised its position in Pactiv Evergreen by 33.2% during 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 in the last quarter. Mackenzie Financial Corp acquired a new position in Pactiv Evergreen in the second quarter valued at approximately $114,000. Finally, Versor Investments LP purchased a new stake in Pactiv Evergreen in the 2nd quarter worth approximately $118,000. 22.23% of the stock is owned by institutional investors and hedge funds.

Pactiv Evergreen Price Performance

Shares of Pactiv Evergreen stock traded down $0.01 during trading hours on Thursday, reaching $17.43. 272,754 shares of the company's stock were exchanged, compared to its average volume of 531,827. The business has a fifty day moving average of $13.86 and a two-hundred day moving average of $12.33. The company has a market capitalization of $3.13 billion, a P/E ratio of -18.95, a price-to-earnings-growth ratio of 1.70 and a beta of 1.35. 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 Inc. has a 1 year low of $8.83 and a 1 year high of $17.61.

Pactiv Evergreen (NASDAQ:PTVE - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.03. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the company posted $0.32 earnings per share. The firm's revenue for the quarter was down 3.3% compared to the same quarter last year. As a group, research analysts predict that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen's dividend payout ratio is presently -43.48%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PTVE shares. Citigroup reaffirmed a "neutral" rating and set a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $18.00 price objective (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Finally, Jefferies Financial Group reissued a "hold" rating and set a $18.00 target price (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $15.86.

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.