Pactiv Evergreen (NASDAQ:PTVE) Lowered to Neutral Rating by UBS Group

UBS Group cut shares of Pactiv Evergreen (NASDAQ:PTVE) from a buy rating to a neutral rating in a report published on Friday, MarketBeat.com reports. The brokerage currently has $18.00 price target on the stock, up from their previous price target of $16.00.

Several other equities research analysts have also recently issued reports on PTVE. Citigroup reiterated a “neutral” rating and issued a $18.00 price objective (up 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 target (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price objective (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $16.33.

Pactiv Evergreen Stock Down 0.1 %

Pactiv Evergreen stock opened at $17.53 on Friday. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. The stock has a market capitalization of $3.14 billion, a PE ratio of -19.05, a price-to-earnings-growth ratio of 1.70 and a beta of 1.24. The business has a 50 day simple moving average of $15.03 and a 200-day simple moving average of $12.74. Pactiv Evergreen has a 12 month low of $8.83 and a 12 month high of $17.65.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, topping 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 analyst estimates of $1.37 billion. During the same quarter in the previous year, the firm earned $0.32 EPS. The firm’s revenue was down 3.3% compared to the same quarter last year. On average, analysts anticipate that Pactiv Evergreen will post 1.03 EPS for the current fiscal year.

Pactiv Evergreen Dividend Announcement

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

Institutional Investors Weigh In On Pactiv Evergreen

Hedge funds have recently modified their holdings of the company. Federated Hermes Inc. boosted its holdings in Pactiv Evergreen by 69.2% in the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after purchasing an additional 1,474 shares during the last quarter. Point72 DIFC Ltd increased its stake in Pactiv Evergreen by 33.2% during the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after acquiring an additional 1,965 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of Pactiv Evergreen in the 2nd quarter valued at $114,000. Intech Investment Management LLC purchased a new position in shares of Pactiv Evergreen during the 3rd quarter worth $132,000. Finally, Wedbush Securities Inc. acquired a new stake in shares of Pactiv Evergreen during the 2nd quarter worth about $145,000. 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.