Pactiv Evergreen (NASDAQ:PTVE) Reaches New 1-Year High at $15.52

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares hit a new 52-week high during trading on Friday . The company traded as high as $15.52 and last traded at $15.49, with a volume of 73644 shares traded. The stock had previously closed at $15.26.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PTVE. UBS Group initiated coverage on Pactiv Evergreen in a report on Tuesday, January 16th. They issued a “buy” rating and a $19.00 price target for the company. The Goldman Sachs Group increased their price target on Pactiv Evergreen from $12.50 to $14.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Robert W. Baird raised their price objective on Pactiv Evergreen from $12.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. Jefferies Financial Group assumed coverage on Pactiv Evergreen in a research report on Friday, January 19th. They issued a “buy” rating and a $18.00 target price on the stock. Finally, Bank of America upgraded Pactiv Evergreen from a “neutral” rating to a “buy” rating and increased their target price for the company from $14.00 to $16.00 in a research note on Tuesday, January 2nd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

Pactiv Evergreen Price Performance

The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.93 and a current ratio of 2.00. The company’s fifty day moving average price is $14.20 and its 200 day moving average price is $12.89. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of -12.33, a price-to-earnings-growth ratio of 0.97 and a beta of 1.50.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings results on Friday, March 1st. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.19. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.32 billion. Pactiv Evergreen had a positive return on equity of 13.24% and a negative net margin of 4.05%. The business’s revenue was down 13.7% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. Equities research analysts expect that Pactiv Evergreen Inc. will post 1.13 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.40 annualized dividend and a yield of 2.58%. Pactiv Evergreen’s dividend payout ratio is presently -31.75%.

Institutional Investors Weigh In On Pactiv Evergreen

Several large investors have recently made changes to their positions in the company. American Century Companies Inc. grew its holdings in Pactiv Evergreen by 0.7% in the 3rd quarter. American Century Companies Inc. now owns 5,393,773 shares of the company’s stock worth $43,851,000 after buying an additional 38,104 shares in the last quarter. Rubric Capital Management LP grew its stake in shares of Pactiv Evergreen by 0.8% in the fourth quarter. Rubric Capital Management LP now owns 5,039,766 shares of the company’s stock worth $69,095,000 after purchasing an additional 39,766 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Pactiv Evergreen by 1.1% during the third 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 period. Dimensional Fund Advisors LP raised its stake in shares of Pactiv Evergreen by 23.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,613,830 shares of the company’s stock valued at $22,126,000 after purchasing an additional 307,239 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its holdings in Pactiv Evergreen by 11.9% in the fourth quarter. Bridgeway Capital Management LLC now owns 1,253,850 shares of the company’s stock worth $17,190,000 after purchasing an additional 133,619 shares during the period. Institutional investors and hedge funds 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.