Pactiv Evergreen (NASDAQ:PTVE) Hits New 1-Year High – Here’s Why

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s share price hit a new 52-week high on Wednesday . The company traded as high as $17.71 and last traded at $17.59, with a volume of 33960 shares. The stock had previously closed at $17.56.

Analyst Upgrades and Downgrades

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

Pactiv Evergreen Price Performance

The firm has a market cap of $3.16 billion, a price-to-earnings ratio of -19.12, a price-to-earnings-growth ratio of 1.70 and a beta of 1.24. The stock’s 50-day moving average price is $15.40 and its 200 day moving average price is $12.88. 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 issued its earnings results on Tuesday, November 12th. The company reported $0.36 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 analyst estimates of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. Pactiv Evergreen’s revenue was down 3.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share. Equities research analysts predict that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date was Monday, December 2nd. Pactiv Evergreen’s payout ratio is -43.48%.

Hedge Funds Weigh In On Pactiv Evergreen

A number of hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. acquired a new position in Pactiv Evergreen during the third quarter worth $2,074,000. Allspring Global Investments Holdings LLC increased its position in shares of Pactiv Evergreen by 183.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock worth $939,000 after purchasing an additional 52,775 shares in the last quarter. Renaissance Technologies LLC lifted 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. Verition Fund Management LLC acquired a new position in shares of Pactiv Evergreen in the 3rd quarter worth approximately $215,000. Finally, Edgestream Partners L.P. raised its position in Pactiv Evergreen by 182.3% in the 2nd quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock valued at $3,653,000 after purchasing an additional 208,409 shares during the last quarter. 22.23% of the stock is owned by institutional investors and hedge funds.

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.