Pactiv Evergreen (NASDAQ:PTVE) Trading 3.5% Higher – Time to Buy?

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) rose 3.5% during trading on Wednesday . The company traded as high as $11.96 and last traded at $11.94. Approximately 37,144 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 399,974 shares. The stock had previously closed at $11.54.

Analyst Ratings Changes

PTVE has been the subject of several research analyst reports. Robert W. Baird decreased their price target on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Citigroup lowered their target price on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, July 8th. Royal Bank of Canada cut their price target on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, UBS Group lowered their price objective on shares of Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Pactiv Evergreen presently has an average rating of “Moderate Buy” and an average target price of $14.57.

Pactiv Evergreen Stock Down 1.6 %

The business has a 50 day moving average of $11.14 and a two-hundred day moving average of $12.37. The stock has a market capitalization of $2.05 billion, a PE ratio of 27.21, a PEG ratio of 1.20 and a beta of 1.30. The company has a debt-to-equity ratio of 2.72, a quick ratio of 0.93 and a current ratio of 2.04.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.06). The firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.36 billion. Pactiv Evergreen had a net margin of 1.49% and a return on equity of 13.34%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.20 earnings per share. Analysts predict that Pactiv Evergreen Inc. will post 0.98 EPS for the current year.

Pactiv Evergreen Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend was Friday, August 30th. Pactiv Evergreen’s payout ratio is presently 95.24%.

Institutional Trading of Pactiv Evergreen

Institutional investors have recently made changes to their positions in the business. Bridgeway Capital Management LLC increased its position in Pactiv Evergreen by 11.9% during the 4th quarter. Bridgeway Capital Management LLC now owns 1,253,850 shares of the company’s stock valued at $17,190,000 after buying an additional 133,619 shares in the last quarter. Renaissance Technologies LLC grew its stake 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 acquiring an additional 121,400 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Pactiv Evergreen by 3.9% during 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 in the last quarter. Edgestream Partners L.P. purchased a new position in shares of Pactiv Evergreen in the 1st quarter valued at approximately $1,637,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Pactiv Evergreen by 9.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 352,974 shares of the company’s stock valued at $3,996,000 after purchasing an additional 31,221 shares during the last quarter. Institutional investors and hedge funds 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.