Pactiv Evergreen (NASDAQ:PTVE) Hits New 52-Week High – What’s Next?

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $16.01 and last traded at $14.43, with a volume of 968381 shares changing hands. The stock had previously closed at $13.60.

Wall Street Analyst Weigh In

PTVE has been the topic of several recent analyst reports. 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. UBS Group decreased their price target on shares of Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $14.57.

Pactiv Evergreen Trading Up 7.5 %

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 business’s 50-day moving average is $12.04 and its two-hundred day moving average is $11.79. The firm has a market cap of $2.62 billion, a P/E ratio of -15.95, a P/E/G ratio of 1.33 and a beta of 1.35.

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, topping the consensus estimate of $0.33 by $0.03. The business had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The business’s revenue was down 3.3% on a year-over-year basis. During the same quarter last year, the business posted $0.32 EPS. As a group, analysts expect that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.74%. Pactiv Evergreen’s dividend payout ratio (DPR) is -43.48%.

Institutional Investors Weigh In On Pactiv Evergreen

Several hedge funds and other institutional investors have recently bought and sold shares of PTVE. Segall Bryant & Hamill LLC acquired a new position in shares of Pactiv Evergreen in the 3rd quarter worth approximately $3,899,000. Dimensional Fund Advisors LP lifted its position in shares of 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 in the last quarter. Edgestream Partners L.P. boosted its holdings in shares of Pactiv Evergreen by 182.3% during the second quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock worth $3,653,000 after purchasing an additional 208,409 shares during the period. Rubric Capital Management LP grew its position in Pactiv Evergreen by 3.3% during the second quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company’s stock valued at $64,825,000 after purchasing an additional 185,190 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new position in Pactiv Evergreen in the 3rd quarter valued at approximately $2,074,000. 22.23% of the stock is currently owned by 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.