Y Intercept Hong Kong Ltd Reduces Position in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Y Intercept Hong Kong Ltd lowered its holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) by 84.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,633 shares of the company's stock after selling 73,707 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Pactiv Evergreen were worth $157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Segall Bryant & Hamill LLC purchased a new stake in shares of Pactiv Evergreen during the 3rd quarter valued at about $3,899,000. Dimensional Fund Advisors LP raised its position in Pactiv Evergreen by 11.4% in 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. Edgestream Partners L.P. boosted its stake in shares of Pactiv Evergreen by 182.3% during the 2nd quarter. Edgestream Partners L.P. now owns 322,743 shares of the company's stock worth $3,653,000 after acquiring an additional 208,409 shares during the last quarter. Rubric Capital Management LP grew its position in shares of Pactiv Evergreen by 3.3% during the 2nd quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company's stock valued at $64,825,000 after acquiring an additional 185,190 shares during the period. Finally, Victory Capital Management Inc. purchased a new stake in shares of Pactiv Evergreen in the 3rd quarter worth $2,074,000. 22.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Pactiv Evergreen Stock Performance

Shares of NASDAQ:PTVE remained flat at $17.27 during mid-day trading on Friday. The company had a trading volume of 1,435,183 shares, compared to its average volume of 531,241. The business has a 50-day moving average of $13.32 and a 200 day moving average of $12.14. Pactiv Evergreen Inc. has a 12 month low of $8.83 and a 12 month high of $17.61. The firm has a market cap of $3.10 billion, a P/E ratio of -18.77, a P/E/G ratio of 1.70 and a beta of 1.35. 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 posted 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. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the company earned $0.32 EPS. The company's quarterly revenue was down 3.3% compared to the same quarter last year. 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 announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, December 2nd were issued a $0.10 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.32%. Pactiv Evergreen's dividend payout ratio (DPR) is presently -43.48%.

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.