Pactiv Evergreen (NASDAQ:PTVE) Sees Unusually-High Trading Volume – Time to Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE) saw unusually-high trading volume on Tuesday . Approximately 721,233 shares were traded during mid-day trading, an increase of 68% from the previous session’s volume of 430,116 shares.The stock last traded at $17.36 and had previously closed at $17.36.

Analyst Upgrades and Downgrades

Separately, Citigroup restated a “neutral” rating and issued a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $15.14.

Pactiv Evergreen Stock Performance

The company’s fifty day moving average is $12.38 and its 200 day moving average is $11.86. 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 company has a market capitalization of $3.11 billion, a P/E ratio of -18.87, a P/E/G ratio of 1.44 and a beta of 1.35.

Pactiv Evergreen (NASDAQ:PTVE) last posted 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 firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the company earned $0.32 earnings per share. The business’s revenue for the quarter was down 3.3% on a year-over-year basis. As a group, equities analysts anticipate that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Monday, December 2nd. Pactiv Evergreen’s payout ratio is presently -43.48%.

Institutional Investors Weigh In On Pactiv Evergreen

A number of institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD bought a new stake in Pactiv Evergreen during the 1st quarter worth approximately $164,000. CWM LLC raised its position in shares of Pactiv Evergreen by 186.8% in the second quarter. CWM LLC now owns 3,396 shares of the company’s stock worth $38,000 after buying an additional 2,212 shares in the last quarter. SG Americas Securities LLC bought a new stake in Pactiv Evergreen during the second quarter valued at $123,000. Assenagon Asset Management S.A. grew its position in Pactiv Evergreen by 9.7% during the second quarter. Assenagon Asset Management S.A. now owns 352,974 shares of the company’s stock worth $3,996,000 after buying an additional 31,221 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in Pactiv Evergreen in the 2nd quarter worth about $326,000. 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.