Pactiv Evergreen (NASDAQ:PTVE) Lowered to Neutral Rating by UBS Group

Pactiv Evergreen (NASDAQ:PTVE) was downgraded by analysts at UBS Group from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, MarketBeat Ratings reports. They currently have a $18.00 target price on the stock. UBS Group’s price objective indicates a potential upside of 2.51% from the stock’s current price.

Several other equities analysts also recently issued reports on PTVE. Citigroup reissued a “neutral” rating and issued a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $16.33.

Pactiv Evergreen Stock Up 0.1 %

NASDAQ:PTVE traded up $0.02 during mid-day trading on Friday, hitting $17.56. 79,404 shares of the company’s stock traded hands, compared to its average volume of 852,116. Pactiv Evergreen has a twelve month low of $8.83 and a twelve month high of $17.65. The company has a market capitalization of $3.15 billion, a P/E ratio of -19.09, a P/E/G ratio of 1.70 and a beta of 1.24. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. The company has a fifty day moving average of $15.03 and a 200 day moving average of $12.74.

Pactiv Evergreen (NASDAQ:PTVE) last released its earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the business earned $0.32 EPS. Pactiv Evergreen’s revenue for the quarter was down 3.3% on a year-over-year basis. On average, analysts forecast that Pactiv Evergreen will post 1.03 EPS for the current year.

Institutional Trading of Pactiv Evergreen

Several institutional investors have recently bought and sold shares of PTVE. Victory Capital Management Inc. acquired a new position in shares of Pactiv Evergreen during the 3rd quarter worth approximately $2,074,000. Allspring Global Investments Holdings LLC raised its position in Pactiv Evergreen by 183.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock worth $939,000 after acquiring an additional 52,775 shares during the period. Renaissance Technologies LLC lifted its holdings in Pactiv Evergreen by 25.9% during the second quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock valued at $6,686,000 after purchasing an additional 121,400 shares in the last quarter. Verition Fund Management LLC acquired a new stake in shares of Pactiv Evergreen in the third quarter valued at about $215,000. Finally, Edgestream Partners L.P. increased its stake in shares of Pactiv Evergreen by 182.3% during the second quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock worth $3,653,000 after purchasing an additional 208,409 shares in the last quarter. 22.23% of the stock is owned by institutional investors and hedge funds.

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.