Pactiv Evergreen Inc. (NASDAQ:PTVE) Given Consensus Rating of “Hold” by Brokerages

Pactiv Evergreen Inc. (NASDAQ:PTVE – Get Rating) has received a consensus rating of “Hold” from the nine research firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $13.88.

PTVE has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft cut their price objective on Pactiv Evergreen from $15.00 to $12.00 and set a “buy” rating for the company in a report on Friday, February 25th. Citigroup lifted their target price on Pactiv Evergreen from $11.00 to $12.00 in a research report on Friday, April 8th. Mizuho lowered their target price on Pactiv Evergreen from $16.00 to $14.00 in a research report on Monday, February 28th. Zacks Investment Research downgraded Pactiv Evergreen from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 2nd. Finally, Bank of America downgraded Pactiv Evergreen from a “buy” rating to a “neutral” rating and set a $13.00 target price on the stock. in a research report on Thursday.

In other news, insider Eric Wulf bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, April 1st. The shares were bought at an average cost of $10.00 per share, for a total transaction of $100,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Allen Hugli bought 8,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 1st. The stock was purchased at an average price of $9.23 per share, for a total transaction of $78,455.00. The disclosure for this purchase can be found here. 0.07% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of PTVE. Morgan Stanley lifted its position in shares of Pactiv Evergreen by 329.2% in the second quarter. Morgan Stanley now owns 14,055 shares of the company’s stock worth $212,000 after buying an additional 10,780 shares in the last quarter. Wells Fargo & Company MN increased its stake in Pactiv Evergreen by 28.5% during the second quarter. Wells Fargo & Company MN now owns 94,738 shares of the company’s stock worth $1,428,000 after acquiring an additional 20,985 shares during the last quarter. SG Americas Securities LLC bought a new stake in Pactiv Evergreen during the third quarter worth approximately $366,000. BlackRock Inc. increased its stake in Pactiv Evergreen by 0.8% during the third quarter. BlackRock Inc. now owns 2,876,767 shares of the company’s stock worth $36,017,000 after acquiring an additional 22,357 shares during the last quarter. Finally, Citigroup Inc. increased its stake in Pactiv Evergreen by 96.7% during the third quarter. Citigroup Inc. now owns 5,627 shares of the company’s stock worth $70,000 after acquiring an additional 2,767 shares during the last quarter. Institutional investors own 22.29% of the company’s stock.

Shares of PTVE opened at $10.03 on Friday. The company has a debt-to-equity ratio of 3.34, a current ratio of 2.27 and a quick ratio of 1.23. Pactiv Evergreen has a one year low of $8.71 and a one year high of $16.49. The firm has a market capitalization of $1.78 billion, a P/E ratio of 83.58 and a beta of 2.45. The business has a fifty day moving average of $9.97 and a 200 day moving average of $11.73.

Pactiv Evergreen (NASDAQ:PTVE – Get Rating) last issued its quarterly earnings data on Wednesday, February 23rd. The company reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.29. Pactiv Evergreen had a return on equity of 14.22% and a net margin of 0.42%. The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.47 billion. Analysts expect that Pactiv Evergreen will post 0.81 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 15th. Stockholders of record on Friday, March 4th were given a $0.10 dividend. The ex-dividend date was Thursday, March 3rd. This represents a $0.40 annualized dividend and a dividend yield of 3.99%. Pactiv Evergreen’s payout ratio is 333.33%.

About Pactiv Evergreen (Get Rating)

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in North America. It operates through three segments: Foodservice, Food Merchandising, and Beverage Merchandising. The Foodservice segment offers food containers, hot and cold cups, lids, dinnerware, tableware, service ware, and other products.

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