Pactiv Evergreen (NASDAQ:PTVE) Hits New 52-Week High – Time to Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $17.78 and last traded at $17.76, with a volume of 663171 shares. The stock had previously closed at $17.56.

Wall Street Analysts Forecast Growth

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

Pactiv Evergreen Price Performance

The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. The stock’s fifty day simple moving average is $16.09 and its 200 day simple moving average is $13.13.

Pactiv Evergreen (NASDAQ:PTVE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $1.37 billion. During the same quarter last year, the firm earned $0.32 earnings per share. The business’s revenue for the quarter was down 3.3% on a year-over-year basis. On average, sell-side analysts expect that Pactiv Evergreen Inc. will post 1.05 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio (DPR) is presently -43.48%.

Hedge Funds Weigh In On Pactiv Evergreen

Institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. increased its position in shares of Pactiv Evergreen by 69.2% during the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock worth $41,000 after purchasing an additional 1,474 shares during the last quarter. Point72 DIFC Ltd boosted its stake in Pactiv Evergreen by 33.2% during the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after buying an additional 1,965 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of Pactiv Evergreen during the second quarter valued at about $114,000. Intech Investment Management LLC purchased a new stake in shares of Pactiv Evergreen in the 3rd quarter valued at approximately $132,000. Finally, Blue Trust Inc. lifted its holdings in shares of Pactiv Evergreen by 1,590.7% in the 4th quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock worth $139,000 after acquiring an additional 7,492 shares during the last quarter. 22.23% of the stock is currently owned by institutional investors and hedge funds.

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.