Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) received an average “buy” recommendation from the nine brokerages that currently cover the company, MarketBeat Ratings reports. Four research analysts gave the stock a hold rating and five gave the company a buy rating. The 1-year average price target among brokers who have covered the stock over the past year is $16.00.
A number of research analysts have weighed in on the company recently. Royal Bank of Canada raised its price target on Pactiv Evergreen from $12.00 to $13.00 and gave the company an “industry performance” rating in a Friday, Nov. 5 research report. Deutsche Bank Aktiengesellschaft upgraded Pactiv Evergreen from a “hold” rating to a “buy” rating and lowered its price target for the company from $17.00 to $15.00 in a Monday 20 research report. December. Zacks Investment Research moved shares of Pactiv Evergreen from a “sell” rating to a “hold” rating in a Saturday, December 18 report. Mizuho began covering Pactiv Evergreen shares in a report on Tuesday, October 12. They issued a “buy” rating and a price target of $16.00 for the company. Finally, Bank of America moved shares of Pactiv Evergreen from an “underperforming” rating to a “buy” rating and raised its price target for the company from $13.00 to $18.00 in a report for Thursday 4 November.
Shares of Pactiv Evergreen opened at $10.77 on Friday. The company has a market capitalization of $1.91 billion, a price-earnings ratio of 8.41 and a beta of 2.60. The company has a 50-day moving average price of $12.38 and a 200-day moving average price of $13.01. The company has a quick ratio of 1.49, a current ratio of 2.44 and a debt ratio of 3.60. Pactiv Evergreen has a 12-month low of $10.49 and a 12-month high of $17.31.
Pactiv Evergreen Inc (NASDAQ:PTVE) last released its quarterly earnings data on Wednesday, November 3. The company reported earnings per share of $0.01 for the quarter, missing the Zacks consensus estimate of $0.11 per ($0.10). The company posted revenue of $1.39 billion for the quarter, versus $1.35 billion for analysts. Pactiv Evergreen achieved a net margin of 4.50% and a return on equity of 11.91%. In the same quarter of the previous year, the company achieved EPS of ($0.02). On average, equity analysts expect Pactiv Evergreen to post EPS of 0.57 for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15. Shareholders of record on Wednesday, December 1 received a dividend of $0.10. This represents an annualized dividend of $0.40 and a yield of 3.71%. The ex-dividend date was Tuesday, November 30. Pactiv Evergreen’s payout ratio is currently 31.25%.
Hedge funds and other institutional investors have recently changed their positions in the company. CI Investments Inc. acquired a new stake in Pactiv Evergreen in the third quarter worth approximately $31,000. Citigroup Inc. increased its stake in Pactiv Evergreen to 96.7% in the third quarter. Citigroup Inc. now owns 5,627 shares of the company worth $70,000 after buying 2,767 additional shares in the last quarter. Legal & General Group Plc increased its stake in Pactiv Evergreen by 73.9% in the second quarter. Legal & General Group Plc now owns 5,991 shares in the company worth $91,000 after buying an additional 2,545 shares in the last quarter. Federated Hermes Inc. increased its stake in Pactiv Evergreen by 3,235.3% in the second quarter. Federated Hermes Inc. now owns 10,873 shares of the company worth $164,000 after purchasing an additional 10,547 shares in the last quarter. Finally, Man Group plc increased its stake in Pactiv Evergreen by 14.6% in the third quarter. Man Group plc now owns 13,325 shares in the company worth $167,000 after buying a further 1,700 shares in the last quarter. 22.27% of the shares are held by institutional investors and hedge funds.
Pactiv Evergreen Company Profile
Pactiv Evergreen Inc manufactures and distributes fresh catering and food merchandising products, as well as cold beverage cartons in North America. It operates through three segments: Foodservice, Food Merchandising and Beverage Merchandising. The Foodservice segment offers food containers, hot and cold cups, lids, tableware and other products.
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