Pactiv Evergreen (NASDAQ:PTVE) Sees Large Volume Increase – What’s Next?

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares saw unusually-strong trading volume on Tuesday . Approximately 721,233 shares were traded during trading, an increase of 68% from the previous session’s volume of 430,116 shares.The stock last traded at $17.36 and had previously closed at $17.36.

Wall Street Analyst Weigh In

Separately, Citigroup reiterated a “neutral” rating and issued a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.14.

Pactiv Evergreen Trading Down 0.1 %

The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. The firm has a market capitalization of $3.11 billion, a P/E ratio of -18.87, a PEG ratio of 1.44 and a beta of 1.35. The firm has a 50 day simple moving average of $12.38 and a two-hundred day simple moving average of $11.86.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, beating 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 company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the firm earned $0.32 earnings per share. The firm’s revenue was down 3.3% on a year-over-year basis. Equities research analysts forecast that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend is Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio is presently -43.48%.

Institutional Trading of Pactiv Evergreen

A number of hedge funds have recently bought and sold shares of PTVE. Geode Capital Management LLC increased its position in shares of Pactiv Evergreen by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock valued at $12,535,000 after purchasing an additional 10,158 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its position in Pactiv Evergreen by 43.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 38,833 shares of the company’s stock valued at $447,000 after buying an additional 11,670 shares during the period. Clearline Capital LP increased its holdings in Pactiv Evergreen by 15.6% during the third quarter. Clearline Capital LP now owns 167,558 shares of the company’s stock worth $1,929,000 after buying an additional 22,569 shares during the last quarter. Paloma Partners Management Co bought a new stake in Pactiv Evergreen in the third quarter worth about $178,000. Finally, Verition Fund Management LLC purchased a new position in Pactiv Evergreen in the third quarter valued at about $215,000. 22.23% of the stock is currently owned by institutional investors.

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.