Principal Financial Group Inc. Sells 926 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Principal Financial Group Inc. trimmed its holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 4.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 19,930 shares of the company’s stock after selling 926 shares during the quarter. Principal Financial Group Inc.’s holdings in Pactiv Evergreen were worth $229,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. CWM LLC lifted its holdings in Pactiv Evergreen by 186.8% during the 2nd quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after buying an additional 2,212 shares in the last quarter. Federated Hermes Inc. increased its position in shares of Pactiv Evergreen by 69.2% during the second quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock worth $41,000 after acquiring an additional 1,474 shares during the period. Public Employees Retirement System of Ohio raised 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 valued at $105,000 after acquiring an additional 4,541 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Pactiv Evergreen in the second quarter valued at approximately $83,000. Finally, Point72 DIFC Ltd grew its stake in Pactiv Evergreen by 33.2% in the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after purchasing an additional 1,965 shares in the last quarter. 22.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PTVE shares. UBS Group decreased their target price on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada decreased their price objective on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, Robert W. Baird dropped their target price on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Pactiv Evergreen currently has an average rating of “Moderate Buy” and an average price target of $14.57.

Pactiv Evergreen Trading Up 2.9 %

Shares of NASDAQ PTVE opened at $13.58 on Tuesday. Pactiv Evergreen Inc. has a 1-year low of $8.83 and a 1-year high of $15.84. The business has a fifty day moving average price of $11.86 and a 200 day moving average price of $11.78. The stock has a market capitalization of $2.43 billion, a P/E ratio of -14.76, a price-to-earnings-growth ratio of 1.30 and a beta of 1.30. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, beating 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 business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the firm posted $0.32 earnings per share. The company’s quarterly revenue was down 3.3% on a year-over-year basis. Equities research analysts expect that Pactiv Evergreen Inc. will post 1.03 EPS for the current fiscal year.

Pactiv Evergreen Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Monday, December 2nd will be paid a $0.10 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.40 annualized dividend 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.