Pactiv Evergreen (NASDAQ:PTVE) Lifted to “Outperform” at Royal Bank of Canada

Pactiv Evergreen (NASDAQ:PTVEGet Rating) was upgraded by analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research note issued to investors on Friday, The Fly reports.

A number of other equities analysts also recently weighed in on PTVE. Zacks Investment Research downgraded shares of Pactiv Evergreen from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 2nd. Bank of America downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and set a $13.00 price target on the stock. in a research note on Thursday, April 14th. Citigroup increased their price target on shares of Pactiv Evergreen from $11.00 to $12.00 in a research note on Friday, April 8th. Mizuho cut their price target on shares of Pactiv Evergreen from $16.00 to $14.00 in a research note on Monday, February 28th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, February 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $13.88.

Shares of PTVE opened at $10.23 on Friday. The company has a debt-to-equity ratio of 3.34, a quick ratio of 1.23 and a current ratio of 2.27. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 22.73 and a beta of 1.84. The company’s 50 day simple moving average is $9.83 and its 200 day simple moving average is $11.48. Pactiv Evergreen has a 1 year low of $8.71 and a 1 year high of $16.49.

Pactiv Evergreen (NASDAQ:PTVEGet Rating) last announced its quarterly earnings data on Wednesday, February 23rd. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.29. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.47 billion. Pactiv Evergreen had a net margin of 0.42% and a return on equity of 14.22%. Equities analysts expect that Pactiv Evergreen will post 0.8 EPS for the current fiscal year.

In other news, insider Eric Wulf purchased 10,000 shares of the stock in a transaction that occurred on Friday, April 1st. The stock was acquired at an average cost of $10.00 per share, with a total value of $100,000.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Allen Hugli purchased 8,500 shares of the stock in a transaction that occurred on Tuesday, March 1st. The shares were purchased at an average cost of $9.23 per share, with a total value of $78,455.00. The disclosure for this purchase can be found here. Company insiders own 0.07% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. acquired a new stake in Pactiv Evergreen during the 1st quarter valued at $3,165,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Pactiv Evergreen by 122.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,045 shares of the company’s stock worth $111,000 after acquiring an additional 6,081 shares in the last quarter. Frontier Capital Management Co. LLC grew its holdings in Pactiv Evergreen by 0.3% during the 1st quarter. Frontier Capital Management Co. LLC now owns 2,201,791 shares of the company’s stock worth $22,150,000 after acquiring an additional 5,806 shares in the last quarter. American Trust acquired a new position in Pactiv Evergreen during the 4th quarter worth $134,000. Finally, BlackRock Inc. grew its holdings in Pactiv Evergreen by 0.8% during the 4th quarter. BlackRock Inc. now owns 2,899,971 shares of the company’s stock worth $36,772,000 after acquiring an additional 23,204 shares in the last quarter. 22.04% of the stock is owned by institutional investors and hedge funds.

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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