Victory Capital Management Inc. Purchases Shares of 180,175 Pactiv Evergreen Inc. (NASDAQ:PTVE)

Victory Capital Management Inc. purchased a new position in Pactiv Evergreen Inc. (NASDAQ:PTVE) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 180,175 shares of the company’s stock, valued at approximately $2,074,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PTVE. CWM LLC increased its position in Pactiv Evergreen by 186.8% during the 2nd quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after buying an additional 2,212 shares in the last quarter. Federated Hermes Inc. increased its holdings in Pactiv Evergreen by 69.2% in the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock worth $41,000 after acquiring an additional 1,474 shares in the last quarter. Innealta Capital LLC purchased a new stake in Pactiv Evergreen in the 2nd quarter worth $83,000. Point72 DIFC Ltd raised its position 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 valued at $89,000 after buying an additional 1,965 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings in shares of Pactiv Evergreen by 164.5% during the 1st quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company’s stock valued at $105,000 after purchasing an additional 4,541 shares during the last quarter. Institutional investors own 22.23% of the company’s stock.

Wall Street Analysts Forecast Growth

PTVE has been the subject of a number of recent research reports. UBS Group dropped their target price on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Royal Bank of Canada decreased their price target on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, Robert W. Baird reduced their price target on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Pactiv Evergreen currently has an average rating of “Moderate Buy” and a consensus target price of $14.57.

Pactiv Evergreen Stock Up 1.5 %

Shares of PTVE opened at $13.20 on Monday. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The firm has a market cap of $2.37 billion, a P/E ratio of -14.35, a PEG ratio of 1.28 and a beta of 1.30. The stock’s 50 day moving average is $11.82 and its two-hundred day moving average is $11.78. Pactiv Evergreen Inc. has a 12 month low of $8.83 and a 12 month high of $15.84.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $1.37 billion. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 EPS. Analysts predict that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.03%. Pactiv Evergreen’s dividend payout ratio is currently -43.48%.

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.