Pactiv Evergreen (NASDAQ:PTVE) Cut to “Neutral” at UBS Group

Pactiv Evergreen (NASDAQ:PTVE) was downgraded by research analysts at UBS Group from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, Marketbeat reports. They currently have a $18.00 price objective on the stock. UBS Group’s price target would suggest a potential upside of 2.51% from the stock’s previous close.

A number of other research firms have also recently weighed in on PTVE. Jefferies Financial Group restated a “hold” rating and set a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Finally, 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. Six equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $16.33.

Pactiv Evergreen Stock Performance

PTVE traded up $0.02 during trading on Friday, hitting $17.56. The company’s stock had a trading volume of 79,404 shares, compared to its average volume of 852,116. Pactiv Evergreen has a one year low of $8.83 and a one year high of $17.65. The business’s 50 day simple moving average is $15.03 and its 200-day simple moving average is $12.74. The firm has a market cap of $3.15 billion, a PE ratio of -19.09, a P/E/G ratio of 1.70 and a beta of 1.24. 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 (NASDAQ:PTVE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 EPS 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 business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the prior year, the business posted $0.32 earnings per share. The business’s quarterly revenue was down 3.3% on a year-over-year basis. As a group, sell-side analysts predict that Pactiv Evergreen will post 1.03 EPS for the current fiscal year.

Institutional Investors Weigh In On Pactiv Evergreen

Several large investors have recently modified their holdings of PTVE. Federated Hermes Inc. lifted its holdings in Pactiv Evergreen by 69.2% during the second quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock worth $41,000 after buying an additional 1,474 shares during the period. Point72 DIFC Ltd increased its holdings in shares of Pactiv Evergreen by 33.2% in the 2nd 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 during the period. Mackenzie Financial Corp bought a new position in shares of Pactiv Evergreen in the 2nd quarter worth $114,000. Intech Investment Management LLC purchased a new stake in shares of Pactiv Evergreen during the 3rd quarter worth $132,000. Finally, Wedbush Securities Inc. bought a new stake in Pactiv Evergreen during the second quarter valued at about $145,000. Institutional investors own 22.23% of the company’s stock.

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.