Pactiv Evergreen Inc. (NASDAQ:PTVE) Shares Acquired by Clearline Capital LP

Clearline Capital LP increased its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 15.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 167,558 shares of the company’s stock after buying an additional 22,569 shares during the quarter. Clearline Capital LP’s holdings in Pactiv Evergreen were worth $1,929,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PTVE. CWM LLC raised its stake in shares of Pactiv Evergreen by 186.8% during the second quarter. CWM LLC now owns 3,396 shares of the company’s stock worth $38,000 after purchasing an additional 2,212 shares during the last quarter. Federated Hermes Inc. raised its position in Pactiv Evergreen by 69.2% during the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock worth $41,000 after buying an additional 1,474 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Pactiv Evergreen in the 2nd quarter worth $83,000. Point72 DIFC Ltd increased its stake in shares of 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 period. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Pactiv Evergreen by 164.5% during the first quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company’s stock worth $105,000 after acquiring an additional 4,541 shares during the period. 22.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on PTVE. UBS Group lowered their target price on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Royal Bank of Canada reduced their price target on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Pactiv Evergreen currently has a consensus rating of “Moderate Buy” and an average target price of $14.57.

Pactiv Evergreen Stock Up 0.5 %

Shares of NASDAQ:PTVE opened at $13.57 on Monday. The stock has a 50-day simple moving average of $12.00 and a 200-day simple moving average of $11.80. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. Pactiv Evergreen Inc. has a 1 year low of $8.83 and a 1 year high of $15.84. The stock has a market capitalization of $2.43 billion, a P/E ratio of -14.75, a PEG ratio of 1.33 and a beta of 1.30.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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 business 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 earnings per share. The business’s revenue was down 3.3% compared to the same quarter last year. Equities analysts forecast that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.95%. Pactiv Evergreen’s dividend payout ratio (DPR) is -43.48%.

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.