Pactiv Evergreen (NASDAQ:PTVE) Receives “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Pactiv Evergreen (NASDAQ:PTVE) in a research note issued to investors on Thursday morning, MarketBeat.com reports. Royal Bank of Canada currently has a $18.00 target price on the stock, up from their prior target price of $14.00.

A number of other brokerages have also recently issued reports on PTVE. Citigroup reissued a “neutral” rating and set a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price target (up from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $15.86.

Pactiv Evergreen Stock Performance

Pactiv Evergreen stock opened at $17.27 on Thursday. Pactiv Evergreen has a fifty-two week low of $8.83 and a fifty-two week high of $17.61. The stock’s 50 day simple moving average is $13.43 and its two-hundred day simple moving average is $12.18. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of -18.77, a PEG ratio of 1.70 and a beta of 1.35.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.03. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The firm’s revenue was down 3.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 earnings per share. As a group, analysts expect that Pactiv Evergreen will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.32%. Pactiv Evergreen’s payout ratio is currently -43.48%.

Institutional Trading of Pactiv Evergreen

Several institutional investors have recently added to or reduced their stakes in PTVE. Segall Bryant & Hamill LLC purchased a new position in shares of Pactiv Evergreen in the third quarter worth $3,899,000. Dimensional Fund Advisors LP increased its holdings in Pactiv Evergreen by 11.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,375,514 shares of the company’s stock worth $26,890,000 after buying an additional 243,098 shares in the last quarter. Edgestream Partners L.P. raised its position in Pactiv Evergreen by 182.3% in the 2nd quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock worth $3,653,000 after buying an additional 208,409 shares during the last quarter. Rubric Capital Management LP lifted its stake in Pactiv Evergreen by 3.3% during the 2nd quarter. Rubric Capital Management LP now owns 5,726,583 shares of the company’s stock valued at $64,825,000 after acquiring an additional 185,190 shares during the period. Finally, Victory Capital Management Inc. purchased a new stake in shares of Pactiv Evergreen during the 3rd quarter valued at about $2,074,000. 22.23% of the stock is currently owned by hedge funds and other institutional investors.

About Pactiv Evergreen

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.