Pactiv Evergreen (NASDAQ:PTVE) Sees Strong Trading Volume – Time to Buy?

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) saw an uptick in trading volume on Tuesday . 1,453,715 shares changed hands during mid-day trading, an increase of 188% from the previous session’s volume of 503,935 shares.The stock last traded at $17.34 and had previously closed at $17.32.

Analyst Ratings Changes

PTVE has been the topic of a number of research analyst reports. Citigroup restated a “neutral” rating and set a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a report on Thursday. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a report on Wednesday. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Pactiv Evergreen has an average rating of “Hold” and a consensus price target of $15.86.

Pactiv Evergreen Stock Performance

The firm’s 50-day moving average price is $13.21 and its 200-day moving average price is $12.11. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. The stock has a market cap of $3.10 billion, a P/E ratio of -18.77, a PEG ratio of 1.70 and a beta of 1.35.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the firm posted $0.32 EPS. Pactiv Evergreen’s revenue for the quarter was down 3.3% compared to the same quarter last year. Sell-side analysts expect that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.10 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.40 annualized dividend and a yield of 2.32%. Pactiv Evergreen’s payout ratio is currently -43.48%.

Hedge Funds Weigh In On Pactiv Evergreen

A number of large investors have recently made changes to their positions in the company. CWM LLC raised its holdings in shares of Pactiv Evergreen by 186.8% in the second quarter. CWM LLC now owns 3,396 shares of the company’s stock worth $38,000 after buying an additional 2,212 shares during the period. Federated Hermes Inc. increased its position in Pactiv Evergreen by 69.2% during the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after purchasing an additional 1,474 shares during the period. Innealta Capital LLC bought a new position in Pactiv Evergreen in the second quarter worth approximately $83,000. Point72 DIFC Ltd lifted its stake in shares of Pactiv Evergreen by 33.2% during the 2nd quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock worth $89,000 after purchasing an additional 1,965 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new position in Pactiv Evergreen in the second quarter worth about $114,000. 22.23% of the stock is owned by hedge funds and other institutional investors.

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.