Pactiv Evergreen (NASDAQ:PTVE) Trading 3.5% Higher – Still a Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price rose 3.5% during mid-day trading on Wednesday . The stock traded as high as $11.96 and last traded at $11.94. Approximately 37,144 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 399,974 shares. The stock had previously closed at $11.54.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Robert W. Baird lowered their price objective on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Citigroup reduced their target price on shares of Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, July 8th. Royal Bank of Canada dropped their price target 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 reduced their price objective on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Two equities research 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 company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.57.

Pactiv Evergreen Price Performance

The company has a market cap of $2.05 billion, a P/E ratio of 27.21, a PEG ratio of 1.20 and a beta of 1.30. The firm’s 50-day moving average is $11.14 and its two-hundred day moving average is $12.37. The company has a debt-to-equity ratio of 2.72, a current ratio of 2.04 and a quick ratio of 0.93.

Pactiv Evergreen (NASDAQ:PTVE) last announced its earnings results on Wednesday, July 31st. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.06). The business had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Pactiv Evergreen had a net margin of 1.49% and a return on equity of 13.34%. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.20 earnings per share. Analysts anticipate that Pactiv Evergreen Inc. will post 0.98 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend was Friday, August 30th. Pactiv Evergreen’s dividend payout ratio (DPR) is 95.24%.

Institutional Trading of Pactiv Evergreen

Several hedge funds and other institutional investors have recently bought and sold shares of PTVE. Bridgeway Capital Management LLC increased its position in Pactiv Evergreen by 11.9% during the fourth quarter. Bridgeway Capital Management LLC now owns 1,253,850 shares of the company’s stock valued at $17,190,000 after acquiring an additional 133,619 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Pactiv Evergreen by 25.9% during the 2nd quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock valued at $6,686,000 after purchasing an additional 121,400 shares during the last quarter. Vanguard Group Inc. raised its position in Pactiv Evergreen by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company’s stock worth $54,257,000 after purchasing an additional 143,776 shares during the period. Edgestream Partners L.P. bought a new stake in Pactiv Evergreen in the first quarter worth about $1,637,000. Finally, Assenagon Asset Management S.A. boosted its position in shares of Pactiv Evergreen by 9.7% during the second quarter. Assenagon Asset Management S.A. now owns 352,974 shares of the company’s stock valued at $3,996,000 after buying an additional 31,221 shares during the period. Hedge funds and other institutional investors own 22.23% of the company’s stock.

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.