Victory Capital Management Inc. Invests $2.07 Million in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Victory Capital Management Inc. bought a new position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 180,175 shares of the company's stock, valued at approximately $2,074,000. Victory Capital Management Inc. owned 0.10% of Pactiv Evergreen as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PTVE. Rubric Capital Management LP lifted its stake in Pactiv Evergreen by 3.3% in the 2nd quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company's stock valued at $64,825,000 after buying an additional 185,190 shares in the last quarter. Vanguard Group Inc. lifted its position in Pactiv Evergreen by 3.9% in the first quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company's stock valued at $54,257,000 after acquiring an additional 143,776 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Pactiv Evergreen by 11.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company's stock worth $26,890,000 after acquiring an additional 243,098 shares during the period. Renaissance Technologies LLC grew its position in 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 during the period. Finally, Assenagon Asset Management S.A. grew its position in Pactiv Evergreen by 9.7% during the second quarter. Assenagon Asset Management S.A. now owns 352,974 shares of the company's stock worth $3,996,000 after buying an additional 31,221 shares during the period. Hedge funds and other institutional investors own 22.23% of the company's stock.

Pactiv Evergreen Price Performance

PTVE stock traded up $0.33 during midday trading on Monday, reaching $13.53. The company had a trading volume of 131,902 shares, compared to its average volume of 381,793. 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 $15.84. The stock has a 50 day moving average price of $11.82 and a 200-day moving average price of $11.78.

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 (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the firm posted $0.32 earnings per share. The firm's revenue was down 3.3% compared to the same quarter last year. Equities research analysts anticipate that Pactiv Evergreen Inc. will post 1.03 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.40 annualized dividend and a dividend yield of 2.96%. Pactiv Evergreen's payout ratio is -43.48%.

Analyst Ratings Changes

Several brokerages recently issued reports on PTVE. UBS Group reduced their price objective on shares of Pactiv Evergreen from $16.00 to $15.00 and set a "buy" rating on the stock in a research note on Thursday, August 8th. Robert W. Baird lowered their price target on shares of Pactiv Evergreen from $15.00 to $12.00 and set a "neutral" rating for the company in a report on Friday, August 2nd. Finally, Royal Bank of Canada cut their price objective on shares of Pactiv Evergreen from $15.00 to $13.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $14.57.

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.