Royal Bank of Canada Reiterates Sector Perform Rating for Pactiv Evergreen (NASDAQ:PTVE)

Pactiv Evergreen (NASDAQ:PTVE)‘s stock had its “sector perform” rating reaffirmed by research analysts at Royal Bank of Canada in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $18.00 price target on the stock, up from their previous price target of $14.00. Royal Bank of Canada’s price objective points to a potential upside of 4.29% from the stock’s current price.

Several other brokerages also recently weighed in on PTVE. Citigroup reaffirmed a “neutral” rating and set a $18.00 price target (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $15.86.

Pactiv Evergreen Stock Up 0.2 %

PTVE traded up $0.03 during midday trading on Thursday, reaching $17.26. The company’s stock had a trading volume of 138,733 shares, compared to its average volume of 515,156. The stock’s 50-day moving average is $13.21 and its 200-day moving average is $12.11. Pactiv Evergreen has a 1 year low of $8.83 and a 1 year high of $17.61. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of -18.76, a PEG ratio of 1.70 and a beta of 1.35. The company has a current ratio of 1.93, a quick ratio of 1.04 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.37 billion. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. Pactiv Evergreen’s revenue was down 3.3% compared to the same quarter last year. During the same period last year, the business earned $0.32 EPS. As a group, research analysts expect that Pactiv Evergreen will post 1.03 EPS for the current year.

Institutional Trading of Pactiv Evergreen

Several large investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in Pactiv Evergreen by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock worth $12,535,000 after buying an additional 10,158 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of Pactiv Evergreen by 43.0% during the 3rd 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 last quarter. Clearline Capital LP grew its stake in shares of Pactiv Evergreen by 15.6% during the 3rd quarter. Clearline Capital LP now owns 167,558 shares of the company’s stock worth $1,929,000 after purchasing an additional 22,569 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Pactiv Evergreen during the 3rd quarter worth about $178,000. Finally, Verition Fund Management LLC purchased a new position in Pactiv Evergreen in the 3rd quarter valued at about $215,000. 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.