Pactiv Evergreen (NASDAQ:PTVE) Sets New 52-Week High – Here’s What Happened

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $17.78 and last traded at $17.76, with a volume of 663171 shares traded. The stock had previously closed at $17.56.

Analysts Set New Price Targets

PTVE has been the subject of several recent research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Jefferies Financial Group restated a “hold” rating and issued a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Citigroup reaffirmed a “neutral” rating and set a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Finally, UBS Group lowered Pactiv Evergreen from a “buy” rating to a “neutral” rating and upped their price target for the company from $16.00 to $18.00 in a research report on Friday, January 10th. Six analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $16.33.

Pactiv Evergreen Trading Up 1.1 %

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 firm has a market cap of $3.18 billion, a price-to-earnings ratio of -19.30, a price-to-earnings-growth ratio of 1.45 and a beta of 1.24. The firm’s fifty day moving average is $15.85 and its 200-day moving average is $13.05.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings data 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 positive return on equity of 14.41% and a negative net margin of 3.16%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the business earned $0.32 EPS. The firm’s revenue was down 3.3% compared to the same quarter last year. Equities analysts anticipate that Pactiv Evergreen Inc. will post 1.05 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The business 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. This represents a $0.40 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend was Monday, December 2nd. Pactiv Evergreen’s dividend payout ratio (DPR) is -43.48%.

Institutional Investors Weigh In On Pactiv Evergreen

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in shares of Pactiv Evergreen during the 4th quarter worth about $270,000. Assenagon Asset Management S.A. boosted its holdings in Pactiv Evergreen by 111.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 145,240 shares of the company’s stock worth $2,537,000 after acquiring an additional 76,440 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Pactiv Evergreen by 70.8% in the third quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock valued at $5,579,000 after acquiring an additional 200,873 shares during the period. Geode Capital Management LLC increased its holdings in shares of Pactiv Evergreen by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock valued at $12,535,000 after acquiring an additional 10,158 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of Pactiv Evergreen by 43.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 38,833 shares of the company’s stock valued at $447,000 after acquiring an additional 11,670 shares in the last quarter. 22.23% of the stock is owned by institutional investors.

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.