Pactiv Evergreen (NASDAQ:PTVE) Sees Strong Trading Volume – Time to Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares saw strong trading volume on Tuesday . 1,453,715 shares traded hands during mid-day trading, an increase of 188% from the previous session’s volume of 503,935 shares.The stock last traded at $17.34 and had previously closed at $17.32.

Analyst Upgrades and Downgrades

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

Pactiv Evergreen Trading Up 0.2 %

The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. The firm has a 50-day moving average of $13.21 and a 200-day moving average of $12.11. The firm has a market capitalization of $3.10 billion, a P/E ratio of -18.77, a price-to-earnings-growth ratio of 1.70 and a beta of 1.35.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the firm earned $0.32 EPS. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. On average, equities research analysts anticipate that Pactiv Evergreen Inc. will post 1.03 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.40 annualized dividend and a dividend yield of 2.32%. Pactiv Evergreen’s payout ratio is presently -43.48%.

Institutional Trading of Pactiv Evergreen

Several institutional investors have recently bought and sold shares of PTVE. The Manufacturers Life Insurance Company lifted its stake in shares of Pactiv Evergreen by 5.6% in the second quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company’s stock worth $303,000 after buying an additional 1,431 shares in the last quarter. Federated Hermes Inc. boosted its stake in Pactiv Evergreen by 69.2% during the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after purchasing an additional 1,474 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Pactiv Evergreen by 9.0% in the 2nd quarter. Principal Financial Group Inc. now owns 20,856 shares of the company’s stock worth $236,000 after purchasing an additional 1,726 shares in the last quarter. Point72 DIFC Ltd raised its stake in shares of Pactiv Evergreen by 33.2% in the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after purchasing an additional 1,965 shares during the last quarter. Finally, CWM LLC raised its stake in shares of Pactiv Evergreen by 186.8% in the second quarter. CWM LLC now owns 3,396 shares of the company’s stock worth $38,000 after purchasing an additional 2,212 shares during the last quarter. 22.23% of the stock is owned by hedge funds and other institutional investors.

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.