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

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price gapped down prior to trading 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 Analysts Forecast Growth

PTVE has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price objective on Pactiv Evergreen from $12.50 to $14.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $18.00 price target on shares of Pactiv Evergreen in a research report on Monday, March 4th. Jefferies Financial Group began coverage on shares of Pactiv Evergreen in a report on Friday, January 19th. They set a “buy” rating and a $18.00 price objective for the company. Robert W. Baird upped their target price on shares of Pactiv Evergreen from $12.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, March 4th. Finally, UBS Group assumed coverage on shares of Pactiv Evergreen in a report on Tuesday, January 16th. They issued a “buy” rating and a $19.00 price target for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Pactiv Evergreen has an average rating of “Moderate Buy” and a consensus price target of $16.00.

Pactiv Evergreen Trading Down 12.4 %

The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of -10.55, a price-to-earnings-growth ratio of 0.97 and a beta of 1.43. The business’s fifty day moving average is $14.24 and its 200 day moving average is $13.10. The company has a quick ratio of 0.93, a current ratio of 2.00 and a debt-to-equity ratio of 2.69.

Pactiv Evergreen (NASDAQ:PTVE) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.05. The company 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 4.05% and a positive return on equity of 13.24%. The business’s quarterly revenue was down 12.5% on a year-over-year basis. During the same period last year, the business earned $0.13 EPS. Equities analysts predict that Pactiv Evergreen Inc. will post 1.13 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The business also recently declared 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. The ex-dividend date was Thursday, March 14th. This represents a $0.40 annualized dividend and a yield of 2.95%. Pactiv Evergreen’s dividend payout ratio (DPR) is presently -31.75%.

Institutional Investors Weigh In On Pactiv Evergreen

Several large investors have recently made changes to their positions in PTVE. Greenwich Wealth Management LLC bought a new stake in Pactiv Evergreen during the third quarter worth $84,000. Rubric Capital Management LP increased its stake in shares of Pactiv Evergreen by 3.8% during the 3rd quarter. Rubric Capital Management LP now owns 5,000,000 shares of the company’s stock worth $40,650,000 after purchasing an additional 184,217 shares during the last quarter. GSA Capital Partners LLP raised its holdings in shares of Pactiv Evergreen by 92.9% in the 3rd quarter. GSA Capital Partners LLP now owns 92,222 shares of the company’s stock valued at $750,000 after purchasing an additional 44,410 shares during the period. American Century Companies Inc. lifted its stake in Pactiv Evergreen by 0.7% in the 3rd quarter. American Century Companies Inc. now owns 5,393,773 shares of the company’s stock valued at $43,851,000 after purchasing an additional 38,104 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Pactiv Evergreen by 2.1% during the third quarter. Swiss National Bank now owns 97,900 shares of the company’s stock worth $796,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds 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.