Pactiv Evergreen (NASDAQ:PTVE) Stock Price Up 8.8%

Pactiv Evergreen Inc. (NASDAQ:PTVE) was up 8.8% on Thursday . The stock traded as high as $11.02 and last traded at $10.93. Approximately 513,804 shares changed hands during trading, an increase of 32% from the average daily volume of 389,394 shares. The stock had previously closed at $10.05.

Analyst Upgrades and Downgrades

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

Pactiv Evergreen Stock Up 8.5 %

The company has a debt-to-equity ratio of 2.72, a quick ratio of 0.93 and a current ratio of 2.04. The company’s 50-day moving average price is $11.54 and its 200 day moving average price is $13.13. The stock has a market capitalization of $1.95 billion, a P/E ratio of -23.70, a P/E/G ratio of 1.00 and a beta of 1.32.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings data 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). Pactiv Evergreen had a return on equity of 13.34% and a net margin of 1.49%. The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.36 billion. During the same period last year, the company earned $0.20 EPS. The business’s revenue was up 6.9% on a year-over-year basis. As a group, equities analysts expect that Pactiv Evergreen Inc. will post 0.98 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.67%. The ex-dividend date is Friday, August 30th. Pactiv Evergreen’s dividend payout ratio (DPR) is presently -86.96%.

Institutional Investors Weigh In On Pactiv Evergreen

A number of hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. bought a new stake in Pactiv Evergreen in the 1st quarter worth approximately $4,608,000. Dimensional Fund Advisors LP lifted its position in Pactiv Evergreen by 23.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,613,830 shares of the company’s stock valued at $22,126,000 after purchasing an additional 307,239 shares during the last quarter. Edgestream Partners L.P. grew its stake in shares of Pactiv Evergreen by 182.3% in the 2nd quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock worth $3,653,000 after buying an additional 208,409 shares in the last quarter. Rubric Capital Management LP lifted its holdings in shares of Pactiv Evergreen by 3.3% in 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 last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in Pactiv Evergreen in the fourth quarter worth about $2,478,000. 22.23% of the stock is currently 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.