Jefferies Financial Group Reiterates Hold Rating for Pactiv Evergreen (NASDAQ:PTVE)

Pactiv Evergreen (NASDAQ:PTVE)‘s stock had its “hold” rating reaffirmed by equities research analysts at Jefferies Financial Group in a research report issued on Wednesday, MarketBeat reports. They currently have a $18.00 price objective on the stock, up from their prior price objective of $15.00. Jefferies Financial Group’s target price would suggest a potential upside of 3.87% from the company’s current price.

Separately, Citigroup restated a “neutral” rating and set a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $15.14.

Pactiv Evergreen Stock Up 0.1 %

NASDAQ:PTVE opened at $17.33 on Wednesday. The company has a market cap of $3.11 billion, a PE ratio of -18.84, a P/E/G ratio of 1.70 and a beta of 1.35. The firm’s 50 day simple moving average is $13.10 and its 200 day simple moving average is $12.07. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. Pactiv Evergreen has a one year low of $8.83 and a one year high of $17.61.

Pactiv Evergreen (NASDAQ:PTVE) last posted its quarterly earnings data 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 company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the previous year, the firm earned $0.32 earnings per share. The firm’s quarterly revenue was down 3.3% on a year-over-year basis. On average, research analysts anticipate that Pactiv Evergreen will post 1.03 earnings per share for the current year.

Hedge Funds Weigh In On Pactiv Evergreen

Several hedge funds have recently modified their holdings of PTVE. CWM LLC increased its position in shares of Pactiv Evergreen by 186.8% during the 2nd quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after purchasing an additional 2,212 shares during the last quarter. SG Americas Securities LLC bought a new position in Pactiv Evergreen in the 2nd quarter valued at $123,000. Allspring Global Investments Holdings LLC purchased a new position in Pactiv Evergreen during the second quarter worth about $326,000. Innealta Capital LLC purchased a new position in shares of Pactiv Evergreen during the second quarter worth about $83,000. Finally, Principal Financial Group Inc. grew its stake in Pactiv Evergreen by 9.0% in the 2nd quarter. Principal Financial Group Inc. now owns 20,856 shares of the company’s stock worth $236,000 after buying an additional 1,726 shares in the last quarter. 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.