Pactiv Evergreen (NASDAQ:PTVE) Shares Gap Down to $13.01

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $13.01, but opened at $12.61. Pactiv Evergreen shares last traded at $12.66, with a volume of 180 shares.

Several equities analysts have weighed in on PTVE shares. Royal Bank of Canada dropped their price target on Pactiv Evergreen from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Thursday, September 9th. Zacks Investment Research cut Pactiv Evergreen from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 10th. Robert W. Baird began coverage on Pactiv Evergreen in a report on Friday, August 6th. They set a “hold” rating and a $16.00 price objective on the stock. Citigroup raised their price objective on Pactiv Evergreen from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, August 9th. Finally, Mizuho began coverage on Pactiv Evergreen in a report on Tuesday. They set a “buy” rating and a $16.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $15.88.

The stock has a market cap of $2.25 billion and a price-to-earnings ratio of -9.93. The company has a quick ratio of 1.19, a current ratio of 2.18 and a debt-to-equity ratio of 4.28. The stock has a fifty day moving average of $12.82 and a two-hundred day moving average of $14.15.

Pactiv Evergreen (NASDAQ:PTVE) last issued its earnings results on Wednesday, August 4th. The company reported $0.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.01). Pactiv Evergreen had a negative net margin of 2.66% and a positive return on equity of 11.98%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.30 billion. Equities research analysts anticipate that Pactiv Evergreen Inc. will post 0.7 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Shareholders of record on Wednesday, September 1st were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.15%. The ex-dividend date was Tuesday, August 31st. Pactiv Evergreen’s dividend payout ratio (DPR) is presently 28.17%.

A number of large investors have recently added to or reduced their stakes in PTVE. BlackRock Inc. raised its position in Pactiv Evergreen by 9.1% in the first quarter. BlackRock Inc. now owns 2,806,290 shares of the company’s stock valued at $38,558,000 after purchasing an additional 233,254 shares during the period. Russell Investments Group Ltd. increased its position in shares of Pactiv Evergreen by 368.8% during the first quarter. Russell Investments Group Ltd. now owns 505,385 shares of the company’s stock worth $6,940,000 after acquiring an additional 397,581 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in shares of Pactiv Evergreen during the first quarter worth about $234,000. Sei Investments Co. increased its position in shares of Pactiv Evergreen by 135.8% during the first quarter. Sei Investments Co. now owns 269,847 shares of the company’s stock worth $3,708,000 after acquiring an additional 155,419 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Pactiv Evergreen by 7.5% during the first quarter. Geode Capital Management LLC now owns 754,686 shares of the company’s stock worth $10,369,000 after acquiring an additional 52,675 shares during the last quarter. 22.63% of the stock is currently owned by institutional investors.

About Pactiv Evergreen (NASDAQ:PTVE)

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in North America. It operates through three segments: Foodservice, Food Merchandising, and Beverage Merchandising. The Foodservice segment offers food containers, hot and cold cups, lids, dinnerware, and other products.

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