Pactiv Evergreen Inc. (NASDAQ:PTVE) Receives Average Recommendation of “Moderate Buy” from Brokerages

Pactiv Evergreen Inc. (NASDAQ:PTVE) has received an average rating of “Moderate Buy” from the seven brokerages that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $14.57.

Separately, Citigroup reissued a “neutral” rating and issued a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings 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 acquiring an additional 10,158 shares during the period. Jacobs Levy Equity Management Inc. lifted its position in shares of Pactiv Evergreen by 43.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 38,833 shares of the company’s stock worth $447,000 after purchasing an additional 11,670 shares in the last quarter. Clearline Capital LP boosted its stake in shares of Pactiv Evergreen by 15.6% in the third quarter. Clearline Capital LP now owns 167,558 shares of the company’s stock valued at $1,929,000 after purchasing an additional 22,569 shares during the period. Paloma Partners Management Co acquired a new stake in Pactiv Evergreen during the 3rd quarter valued at $178,000. Finally, Verition Fund Management LLC purchased a new stake in Pactiv Evergreen during the 3rd quarter worth $215,000. 22.23% of the stock is owned by hedge funds and other institutional investors.

Pactiv Evergreen Trading Up 18.3 %

Shares of Pactiv Evergreen stock opened at $17.36 on Tuesday. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of -18.87, a price-to-earnings-growth ratio of 1.44 and a beta of 1.35. Pactiv Evergreen has a 52-week low of $8.83 and a 52-week high of $17.61. The company’s 50-day simple moving average is $12.38 and its 200-day simple moving average is $11.86. 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 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 business had revenue of $1.33 billion during 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%. The business’s revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.32 EPS. As a group, equities research analysts anticipate that Pactiv Evergreen will post 1.03 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.30%. Pactiv Evergreen’s dividend payout ratio (DPR) is -43.48%.

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.