Pactiv Evergreen Inc. (NASDAQ:PTVE) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 2.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 957,038 shares of the company’s stock after selling 19,640 shares during the quarter. Bank of New York Mellon Corp owned about 0.54% of Pactiv Evergreen worth $7,656,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Russell Investments Group Ltd. purchased a new position in Pactiv Evergreen during the first quarter worth about $70,000. New York Life Investment Management LLC purchased a new position in Pactiv Evergreen during the first quarter worth about $480,000. Barclays PLC raised its stake in Pactiv Evergreen by 89.1% during the first quarter. Barclays PLC now owns 21,951 shares of the company’s stock worth $176,000 after purchasing an additional 10,344 shares during the period. Jump Financial LLC raised its stake in Pactiv Evergreen by 73.0% during the first quarter. Jump Financial LLC now owns 46,700 shares of the company’s stock worth $374,000 after purchasing an additional 19,700 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in Pactiv Evergreen by 193.9% during the first quarter. Harel Insurance Investments & Financial Services Ltd. now owns 25,480 shares of the company’s stock worth $201,000 after purchasing an additional 16,809 shares during the period. 22.13% of the stock is currently owned by institutional investors and hedge funds.

Pactiv Evergreen Price Performance

Pactiv Evergreen stock opened at $8.54 on Monday. The company’s 50 day simple moving average is $8.15 and its 200-day simple moving average is $8.26. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of -20.83 and a beta of 1.38. Pactiv Evergreen Inc. has a 1 year low of $6.85 and a 1 year high of $12.46. The company has a debt-to-equity ratio of 3.02, a quick ratio of 1.09 and a current ratio of 2.19.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.01). The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.53 billion. Pactiv Evergreen had a negative net margin of 1.19% and a positive return on equity of 8.64%. As a group, equities research analysts expect that Pactiv Evergreen Inc. will post 0.5 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date of this dividend is Wednesday, August 30th. Pactiv Evergreen’s dividend payout ratio (DPR) is currently -97.56%.

Analysts Set New Price Targets

A number of brokerages have commented on PTVE. Citigroup lifted their target price on shares of Pactiv Evergreen from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Thursday, August 10th. Bank of America reduced their target price on shares of Pactiv Evergreen from $11.00 to $9.00 in a research note on Monday, July 10th. Mizuho reduced their target price on shares of Pactiv Evergreen from $14.00 to $11.00 in a research note on Wednesday, May 10th. Finally, Royal Bank of Canada boosted their price target on shares of Pactiv Evergreen from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.67.

Pactiv Evergreen Profile

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, tableware, service ware, and other products.