Pactiv Evergreen (NASDAQ:PTVE) Reaches New 12-Month High – Here’s Why

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $17.81 and last traded at $17.73, with a volume of 541826 shares. The stock had previously closed at $17.66.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. UBS Group cut shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $16.00 to $18.00 in a report on Friday, January 10th. Royal Bank of Canada reaffirmed 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. 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 report on Wednesday, December 18th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $16.33.

Pactiv Evergreen Stock Up 0.4 %

The stock’s 50-day moving average is $16.88 and its 200-day moving average is $13.47. The stock has a market cap of $3.18 billion, a P/E ratio of -19.27, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. 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 announced its earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) 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 firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the firm posted $0.32 EPS. Pactiv Evergreen’s revenue was down 3.3% compared to the same quarter last year. As a group, research analysts anticipate that Pactiv Evergreen Inc. will post 1.05 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders 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 2.26%. Pactiv Evergreen’s dividend payout ratio (DPR) is -43.48%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in shares of Pactiv Evergreen by 0.9% in the third 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 period. Charles Schwab Investment Management Inc. raised its position in Pactiv Evergreen by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock valued at $11,310,000 after acquiring an additional 16,029 shares in the last quarter. Bank of New York Mellon Corp raised its position in Pactiv Evergreen by 2.5% during the fourth quarter. Bank of New York Mellon Corp now owns 772,796 shares of the company’s stock valued at $13,501,000 after acquiring an additional 18,672 shares in the last quarter. Empowered Funds LLC raised its position in shares of Pactiv Evergreen by 17.3% in the third quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock valued at $8,534,000 after purchasing an additional 109,513 shares during the period. Finally, Alberta Investment Management Corp bought a new position in shares of Pactiv Evergreen in the fourth quarter valued at approximately $9,958,000. 22.23% of the stock is currently owned by institutional investors and hedge funds.

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.