Pactiv Evergreen (NASDAQ:PTVE) Sets New 52-Week High – Still a Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $17.62 and last traded at $17.62, with a volume of 317673 shares trading hands. The stock had previously closed at $17.52.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PTVE shares. Citigroup reaffirmed a “neutral” rating and set a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 target price (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $15.83.

Pactiv Evergreen Stock Down 0.5 %

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 company has a market capitalization of $3.15 billion, a PE ratio of -19.07, a P/E/G ratio of 1.70 and a beta of 1.24. The company has a 50-day moving average of $14.90 and a two-hundred day moving average of $12.70.

Pactiv Evergreen (NASDAQ:PTVE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share 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 period in the prior year, the business posted $0.32 earnings per share. The company’s revenue was down 3.3% on a year-over-year basis. Sell-side analysts anticipate that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Federated Hermes Inc. boosted its position in Pactiv Evergreen by 69.2% during the second 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 in the last quarter. Point72 DIFC Ltd grew its holdings 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 during the last quarter. Mackenzie Financial Corp acquired a new position in shares of Pactiv Evergreen during the second quarter worth $114,000. Intech Investment Management LLC purchased a new stake in shares of Pactiv Evergreen during the 3rd quarter valued at $132,000. Finally, Wedbush Securities Inc. acquired a new stake in shares of Pactiv Evergreen in the 2nd quarter worth $145,000. 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.