Pactiv Evergreen (NASDAQ:PTVE) Hits New 12-Month High – Time to Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $16.01 and last traded at $14.43, with a volume of 968381 shares trading hands. The stock had previously closed at $13.60.

Analyst Ratings Changes

PTVE has been the topic of a number of research reports. Royal Bank of Canada decreased their price target on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. UBS Group lowered their target price on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $14.57.

Pactiv Evergreen Stock Up 7.5 %

The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. The company has a market cap of $2.62 billion, a PE ratio of -15.95, a P/E/G ratio of 1.33 and a beta of 1.35. The business’s 50 day moving average is $12.04 and its 200-day moving average is $11.79.

Pactiv Evergreen (NASDAQ:PTVE) last issued its earnings results 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 negative net margin of 3.16% and a positive return on equity of 14.41%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the firm posted $0.32 earnings per share. The company’s revenue was down 3.3% compared to the same quarter last year. As a group, analysts predict that Pactiv Evergreen Inc. will post 1.03 EPS for the current year.

Pactiv Evergreen Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.40 annualized dividend and a yield of 2.74%. Pactiv Evergreen’s dividend payout ratio (DPR) is -43.48%.

Hedge Funds Weigh In On Pactiv Evergreen

Institutional investors and hedge funds have recently made changes to their positions in the stock. CWM LLC raised its stake in shares of Pactiv Evergreen by 186.8% in the 2nd quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after acquiring an additional 2,212 shares during the period. Federated Hermes Inc. raised its holdings in shares of Pactiv Evergreen by 69.2% during the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after buying an additional 1,474 shares during the period. Public Employees Retirement System of Ohio lifted its position in Pactiv Evergreen by 164.5% during the 1st quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company’s stock worth $105,000 after acquiring an additional 4,541 shares in the last quarter. Innealta Capital LLC purchased a new position in Pactiv Evergreen in the 2nd quarter worth approximately $83,000. Finally, Point72 DIFC Ltd grew its position in Pactiv Evergreen by 33.2% in the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock valued at $89,000 after acquiring an additional 1,965 shares in the last quarter. 22.23% of the stock is owned by institutional investors and hedge funds.

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.