Analysts Set Pactiv Evergreen Inc. (NASDAQ:PTVE) PT at $15.86

Pactiv Evergreen Inc. (NASDAQ:PTVE) has earned an average rating of “Moderate Buy” from the seven analysts that are presently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $15.86.

A number of brokerages have issued reports on PTVE. UBS Group lowered their price target on Pactiv Evergreen from $19.00 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Citigroup lowered their price target on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, July 8th.

Pactiv Evergreen Stock Down 1.8 %

Pactiv Evergreen stock opened at $12.85 on Friday. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of -27.93, a price-to-earnings-growth ratio of 0.87 and a beta of 1.32. Pactiv Evergreen has a 52 week low of $7.41 and a 52 week high of $15.84. The business’s 50-day moving average price is $12.04 and its 200 day moving average price is $13.49. The company has a quick ratio of 0.87, a current ratio of 2.02 and a debt-to-equity ratio of 2.69.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. The company had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.29 billion. Pactiv Evergreen had a positive return on equity of 13.79% and a negative net margin of 1.50%. Pactiv Evergreen’s revenue for the quarter was down 12.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.13 earnings per share. As a group, sell-side analysts anticipate that Pactiv Evergreen will post 1.18 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were given a dividend of $0.10 per share. The ex-dividend date was Friday, May 31st. This represents a $0.40 dividend on an annualized basis and a yield of 3.11%. Pactiv Evergreen’s payout ratio is -86.96%.

Hedge Funds Weigh In On Pactiv Evergreen

A number of institutional investors have recently added to or reduced their stakes in the stock. Rubric Capital Management LP lifted its position in Pactiv Evergreen by 0.8% during the fourth quarter. Rubric Capital Management LP now owns 5,039,766 shares of the company’s stock worth $69,095,000 after buying an additional 39,766 shares in the last quarter. Vanguard Group Inc. lifted its position in Pactiv Evergreen by 3.9% during the first quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company’s stock worth $54,257,000 after buying an additional 143,776 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Pactiv Evergreen by 23.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,613,830 shares of the company’s stock worth $22,126,000 after buying an additional 307,239 shares in the last quarter. Bridgeway Capital Management LLC lifted its position in Pactiv Evergreen by 3.5% during the first quarter. Bridgeway Capital Management LLC now owns 1,298,224 shares of the company’s stock worth $18,591,000 after buying an additional 44,374 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Pactiv Evergreen by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 988,128 shares of the company’s stock worth $13,547,000 after acquiring an additional 24,018 shares during the last quarter. 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.