Los Angeles Capital Management LLC Has $167,000 Position in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Los Angeles Capital Management LLC lessened its holdings in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 89.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,468 shares of the company’s stock after selling 118,913 shares during the period. Los Angeles Capital Management LLC’s holdings in Pactiv Evergreen were worth $167,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its stake in Pactiv Evergreen by 183.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock valued at $939,000 after buying an additional 52,775 shares in the last quarter. Point72 DIFC Ltd raised its holdings in shares of Pactiv Evergreen by 33.2% during the second quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after acquiring an additional 1,965 shares during the period. Mackenzie Financial Corp bought a new stake in Pactiv Evergreen in the 2nd quarter valued at $114,000. The Manufacturers Life Insurance Company boosted its stake in Pactiv Evergreen by 5.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company’s stock worth $303,000 after purchasing an additional 1,431 shares during the period. Finally, AQR Capital Management LLC increased its holdings in Pactiv Evergreen by 54.4% during the 2nd quarter. AQR Capital Management LLC now owns 291,654 shares of the company’s stock worth $3,302,000 after purchasing an additional 102,730 shares in the last quarter. 22.23% of the stock is currently owned by institutional investors and hedge funds.

Pactiv Evergreen Trading Up 0.5 %

Shares of Pactiv Evergreen stock opened at $12.35 on Tuesday. The stock has a market cap of $2.21 billion, a P/E ratio of -13.42, a P/E/G ratio of 1.21 and a beta of 1.30. The company has a quick ratio of 0.93, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. Pactiv Evergreen Inc. has a 12-month low of $8.83 and a 12-month high of $15.84. The business’s 50 day moving average is $11.67 and its 200-day moving average is $11.79.

Pactiv Evergreen (NASDAQ:PTVE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.03. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the firm posted $0.32 earnings per share. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. Equities research analysts predict that Pactiv Evergreen Inc. 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 will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date of this dividend is Monday, December 2nd. Pactiv Evergreen’s payout ratio is currently -43.48%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Robert W. Baird cut their price target on Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. UBS Group reduced their price target on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Finally, Royal Bank of Canada lowered their price objective on shares of Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.57.

Pactiv Evergreen 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.