Pactiv Evergreen (NASDAQ:PTVE) Reaches New 1-Year High – Here’s What Happened

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s share price hit a new 52-week high on Tuesday . The company traded as high as $17.81 and last traded at $17.80, with a volume of 41292 shares changing hands. The stock had previously closed at $17.78.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. UBS Group cut Pactiv Evergreen from a “buy” rating to a “neutral” rating and upped their price objective for the company from $16.00 to $18.00 in a research report on Friday, January 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Finally, Citigroup reiterated a “neutral” rating and set a $18.00 price target (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $16.33.

Pactiv Evergreen Price Performance

The company has a market cap of $3.19 billion, a P/E ratio of -19.34, a P/E/G ratio of 1.47 and a beta of 1.24. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The firm has a 50 day moving average of $16.42 and a 200-day moving average of $13.28.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings results 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. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.37 billion. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. Pactiv Evergreen’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.32 EPS. On average, equities research analysts predict that Pactiv Evergreen Inc. will post 1.05 EPS for the current year.

Pactiv Evergreen Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.40 annualized dividend and a yield of 2.25%. Pactiv Evergreen’s dividend payout ratio (DPR) is currently -43.48%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake 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 purchasing an additional 243,098 shares during the last quarter. Geode Capital Management LLC increased its stake in Pactiv Evergreen by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock worth $12,535,000 after buying an additional 10,158 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Pactiv Evergreen by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock valued at $11,310,000 after buying an additional 16,029 shares in the last quarter. Empowered Funds LLC boosted its position in Pactiv Evergreen by 17.3% in the 3rd quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock valued at $8,534,000 after buying an additional 109,513 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Pactiv Evergreen by 70.8% during the third quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock worth $5,579,000 after acquiring an additional 200,873 shares during the period. 22.23% of the stock is owned by hedge funds and other institutional investors.

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.