Pactiv Evergreen (NASDAQ:PTVE) Shares Gap Down to $15.49

Pactiv Evergreen Inc. (NASDAQ:PTVE) gapped down before the market opened on Friday . The stock had previously closed at $15.49, but opened at $14.98. Pactiv Evergreen shares last traded at $13.18, with a volume of 361,780 shares.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PTVE shares. Jefferies Financial Group started coverage on Pactiv Evergreen in a research report on Friday, January 19th. They set a “buy” rating and a $18.00 price target on the stock. Citigroup increased their price objective on shares of Pactiv Evergreen from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, April 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Pactiv Evergreen in a research note on Monday, March 4th. UBS Group started coverage on shares of Pactiv Evergreen in a research note on Tuesday, January 16th. They set a “buy” rating and a $19.00 price target on the stock. Finally, Robert W. Baird boosted their price objective on shares of Pactiv Evergreen from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.00.

Pactiv Evergreen Price Performance

The company’s 50 day simple moving average is $14.22 and its 200 day simple moving average is $13.17. The company has a debt-to-equity ratio of 2.69, a current ratio of 2.00 and a quick ratio of 0.93. The stock has a market cap of $2.43 billion, a P/E ratio of -29.50, a P/E/G ratio of 0.99 and a beta of 1.43.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings data on Thursday, May 2nd. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. The business had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.29 billion. Pactiv Evergreen had a negative net margin of 1.50% and a positive return on equity of 13.89%. The firm’s quarterly revenue was down 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 EPS. As a group, equities analysts forecast that Pactiv Evergreen Inc. will post 1.13 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date of this dividend is Friday, May 31st. Pactiv Evergreen’s dividend payout ratio is currently -86.96%.

Institutional Investors Weigh In On Pactiv Evergreen

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. ICA Group Wealth Management LLC acquired a new position in shares of Pactiv Evergreen during the fourth quarter worth about $27,000. TFO Wealth Partners LLC boosted 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 acquiring an additional 2,223 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of 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 acquiring an additional 1,818 shares in the last quarter. Greenwich Wealth Management LLC acquired a new stake in shares of Pactiv Evergreen in the third quarter valued at approximately $84,000. Finally, Cable Hill Partners LLC bought a new stake in shares of Pactiv Evergreen in the third quarter worth $87,000. 22.23% of the stock is currently owned by institutional investors and hedge funds.

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.