Pactiv Evergreen (NASDAQ:PTVE) Reaches New 1-Year High – Should You Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $17.62 and last traded at $17.62, with a volume of 317673 shares changing hands. The stock had previously closed at $17.52.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PTVE. Royal Bank of Canada restated a “sector perform” rating and issued a $18.00 price objective (up previously from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Citigroup reiterated a “neutral” rating and issued a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $18.00 price target (up from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $15.83.

Pactiv Evergreen Stock Down 0.5 %

The firm’s fifty day moving average is $14.90 and its 200-day moving average is $12.70. The stock has a market capitalization of $3.15 billion, a PE ratio of -19.07, a PEG ratio of 1.70 and a beta of 1.24. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.37 billion. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The firm’s revenue was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 earnings per share. On average, equities research analysts predict that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 2.28%. Pactiv Evergreen’s dividend payout ratio is currently -43.48%.

Institutional Trading of Pactiv Evergreen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. grew its stake 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. Point72 DIFC Ltd boosted its holdings 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 during the last quarter. Mackenzie Financial Corp purchased a new stake in Pactiv Evergreen during the second quarter valued at about $114,000. Intech Investment Management LLC acquired a new stake in Pactiv Evergreen during the third quarter worth about $132,000. Finally, Wedbush Securities Inc. purchased a new position in shares of Pactiv Evergreen in the 2nd quarter worth about $145,000. 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.