Pactiv Evergreen (NASDAQ:PTVE) Downgraded to “Neutral” Rating by UBS Group

UBS Group downgraded shares of Pactiv Evergreen (NASDAQ:PTVEFree Report) from a buy rating to a neutral rating in a research report report published on Friday, MarketBeat.com reports. They currently have $18.00 price target on the stock, up from their prior price target of $16.00.

PTVE has been the topic of several other research reports. Citigroup restated 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. Royal Bank of Canada restated a “sector perform” rating and set a $18.00 target price (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat, Pactiv Evergreen presently has a consensus rating of “Hold” and an average target price of $16.33.

View Our Latest Research Report on PTVE

Pactiv Evergreen Trading Down 0.1 %

NASDAQ PTVE opened at $17.53 on Friday. 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 cap of $3.14 billion, a price-to-earnings ratio of -19.05, a PEG ratio of 1.70 and a beta of 1.24. The firm has a 50 day simple moving average of $15.03 and a 200-day simple moving average of $12.74. Pactiv Evergreen has a one year low of $8.83 and a one year high of $17.65.

Pactiv Evergreen (NASDAQ:PTVEGet Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter last year, the company posted $0.32 EPS. The firm’s revenue was down 3.3% compared to the same quarter last year. Equities research analysts anticipate that Pactiv Evergreen will post 1.03 EPS for the current fiscal year.

Pactiv Evergreen Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend was Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio (DPR) is -43.48%.

Institutional Trading of Pactiv Evergreen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its position in shares of Pactiv Evergreen by 9.0% in the 2nd quarter. Principal Financial Group Inc. now owns 20,856 shares of the company’s stock valued at $236,000 after buying an additional 1,726 shares during the last quarter. Wedbush Securities Inc. purchased a new position in shares of Pactiv Evergreen during the second quarter worth about $145,000. Federated Hermes Inc. increased its position in shares of Pactiv Evergreen by 69.2% during the second quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock worth $41,000 after purchasing an additional 1,474 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Pactiv Evergreen by 11.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock valued at $26,890,000 after purchasing an additional 243,098 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Pactiv Evergreen by 25.9% in the 2nd quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock valued at $6,686,000 after purchasing an additional 121,400 shares during the period. Institutional investors and hedge funds own 22.23% of the company’s stock.

Pactiv Evergreen Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Pactiv Evergreen (NASDAQ:PTVE)

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