Covestor Ltd Cuts Stock Position in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Covestor Ltd trimmed its holdings in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 77.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 4,690 shares of the company’s stock after selling 16,405 shares during the quarter. Covestor Ltd’s holdings in Pactiv Evergreen were worth $67,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PTVE. Vanguard Group Inc. boosted its stake in Pactiv Evergreen by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 3,641,254 shares of the company’s stock valued at $29,603,000 after purchasing an additional 39,663 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Pactiv Evergreen by 29.4% during the 4th quarter. SG Americas Securities LLC now owns 23,204 shares of the company’s stock valued at $318,000 after buying an additional 5,278 shares during the period. Cerity Partners LLC bought a new position in shares of Pactiv Evergreen during the 4th quarter valued at $178,000. Cornercap Investment Counsel Inc. lifted its holdings in shares of Pactiv Evergreen by 3.8% during the 4th quarter. Cornercap Investment Counsel Inc. now owns 115,124 shares of the company’s stock valued at $1,578,000 after buying an additional 4,179 shares during the period. Finally, Federated Hermes Inc. raised its holdings in Pactiv Evergreen by 109.7% in the 4th quarter. Federated Hermes Inc. now owns 3,476 shares of the company’s stock worth $48,000 after purchasing an additional 1,818 shares during the period. 22.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on PTVE shares. UBS Group decreased their target price on Pactiv Evergreen from $19.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Citigroup decreased their target price on Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, July 8th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.86.

Pactiv Evergreen Stock Performance

Shares of Pactiv Evergreen stock opened at $12.85 on Thursday. The business has a 50-day moving average price of $12.04 and a 200-day moving average price of $13.49. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.87 and a current ratio of 2.02. Pactiv Evergreen Inc. has a twelve month low of $7.41 and a twelve month high of $15.84.

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

Pactiv Evergreen Dividend Announcement

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

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.