Jefferies Financial Group Reiterates “Hold” Rating for Pactiv Evergreen (NASDAQ:PTVE)

Jefferies Financial Group reaffirmed their hold rating on shares of Pactiv Evergreen (NASDAQ:PTVE) in a research note published on Wednesday, MarketBeat.com reports. The brokerage currently has a $18.00 price target on the stock, up from their prior price target of $15.00.

Separately, Citigroup reiterated a “neutral” rating and set a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $15.14.

Pactiv Evergreen Stock Down 0.6 %

Pactiv Evergreen stock opened at $17.23 on Wednesday. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. Pactiv Evergreen has a 1-year low of $8.83 and a 1-year high of $17.61. The company has a fifty day simple moving average of $13.21 and a 200 day simple moving average of $12.11. The company has a market cap of $3.09 billion, a P/E ratio of -18.73, a price-to-earnings-growth ratio of 1.70 and a beta of 1.35.

Pactiv Evergreen (NASDAQ:PTVE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.03. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.32 EPS. Research analysts anticipate that Pactiv Evergreen will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 2.32%. Pactiv Evergreen’s dividend payout ratio is presently -43.48%.

Hedge Funds Weigh In On Pactiv Evergreen

A number of large investors have recently bought and sold shares of the business. CWM LLC raised its holdings in Pactiv Evergreen by 186.8% in the second quarter. CWM LLC now owns 3,396 shares of the company’s stock worth $38,000 after purchasing an additional 2,212 shares in the last quarter. Federated Hermes Inc. lifted its stake in shares of Pactiv Evergreen by 69.2% in the second quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock worth $41,000 after buying an additional 1,474 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Pactiv Evergreen in the second quarter valued at about $83,000. Point72 DIFC Ltd increased its position in shares of Pactiv Evergreen by 33.2% during the 2nd 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. Finally, Mackenzie Financial Corp acquired a new stake in shares of Pactiv Evergreen in the second quarter valued at $114,000. Hedge funds and other institutional investors own 22.23% of the company’s stock.

About Pactiv Evergreen

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.