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

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) hit a new 52-week high during mid-day trading 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 Analyst Weigh In

A number of analysts have recently weighed in on the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price objective (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. UBS Group lowered Pactiv Evergreen from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $16.00 to $18.00 in a research note on Friday, January 10th. Citigroup restated a “neutral” rating and set a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $18.00 target price (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Six research analysts have rated the stock with a hold rating, According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $16.33.

Pactiv Evergreen Trading Down 0.1 %

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 business has a fifty day moving average price of $16.09 and a two-hundred day moving average price of $13.13.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.03. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the company earned $0.32 EPS. Pactiv Evergreen’s quarterly revenue was down 3.3% on a year-over-year basis. Research analysts anticipate that Pactiv Evergreen Inc. will post 1.05 EPS for the current year.

Pactiv Evergreen Dividend Announcement

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

Institutional Trading of Pactiv Evergreen

A number of hedge funds have recently modified their holdings of PTVE. Victory Capital Management Inc. acquired a new stake in Pactiv Evergreen during the third quarter valued at $2,074,000. Allspring Global Investments Holdings LLC grew 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 valued at $939,000 after acquiring an additional 52,775 shares during the period. Renaissance Technologies LLC grew its position in shares of 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 acquiring an additional 121,400 shares during the period. Verition Fund Management LLC purchased a new position in shares of Pactiv Evergreen in the 3rd quarter valued at about $215,000. Finally, JPMorgan Chase & Co. raised its holdings in Pactiv Evergreen by 70.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock worth $5,579,000 after purchasing an additional 200,873 shares during the period. Hedge funds and other institutional investors own 22.23% of the company’s stock.

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.