Pactiv Evergreen (NASDAQ:PTVE) Reaches New 12-Month High at $15.52

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $15.52 and last traded at $15.49, with a volume of 73644 shares. The stock had previously closed at $15.26.

Wall Street Analyst Weigh In

PTVE has been the subject of several research analyst reports. The Goldman Sachs Group increased their price objective on Pactiv Evergreen from $12.50 to $14.00 and gave the stock a “neutral” rating in a research report on Monday, March 4th. Robert W. Baird increased their price objective on Pactiv Evergreen from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, March 4th. UBS Group initiated coverage on Pactiv Evergreen in a research report on Tuesday, January 16th. They issued a “buy” rating and a $19.00 price objective for the company. Citigroup increased their price objective on Pactiv Evergreen from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 price objective on shares of Pactiv Evergreen in a research report on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $16.00.

Pactiv Evergreen Trading Up 1.8 %

The firm has a market cap of $2.78 billion, a PE ratio of -12.33, a PEG ratio of 0.97 and a beta of 1.50. The business has a 50-day moving average price of $14.20 and a two-hundred day moving average price of $12.93. The company has a debt-to-equity ratio of 2.69, a current ratio of 2.00 and a quick ratio of 0.93.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings results on Friday, March 1st. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.19. Pactiv Evergreen had a positive return on equity of 13.24% and a negative net margin of 4.05%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the business posted $0.18 earnings per share. The business’s revenue for the quarter was down 13.7% on a year-over-year basis. Analysts forecast that Pactiv Evergreen Inc. will post 1.13 EPS for the current year.

Pactiv Evergreen Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend was Thursday, March 14th. Pactiv Evergreen’s dividend payout ratio is presently -31.75%.

Institutional Trading of Pactiv Evergreen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PTVE. ICA Group Wealth Management LLC purchased a new stake in Pactiv Evergreen during the 4th quarter worth about $27,000. TFO Wealth Partners LLC increased its position in Pactiv Evergreen by 111,150.0% during the 4th quarter. TFO Wealth Partners LLC now owns 2,225 shares of the company’s stock worth $31,000 after purchasing an additional 2,223 shares in the last quarter. Federated Hermes Inc. increased its position in Pactiv Evergreen by 109.7% during the 4th quarter. Federated Hermes Inc. now owns 3,476 shares of the company’s stock worth $48,000 after purchasing an additional 1,818 shares in the last quarter. Greenwich Wealth Management LLC purchased a new stake in Pactiv Evergreen during the 3rd quarter worth about $84,000. Finally, Cable Hill Partners LLC purchased a new stake in Pactiv Evergreen during the 3rd quarter worth about $87,000. Hedge funds and other 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.