Pactiv Evergreen (NASDAQ:PTVE - Get Free Report)'s stock had its "sector perform" rating reaffirmed by research analysts at Royal Bank of Canada in a research note issued on Thursday,Benzinga reports. They presently have a $18.00 target price on the stock, up from their prior target price of $14.00. Royal Bank of Canada's price target indicates a potential upside of 4.29% from the stock's previous close.
A number of other research firms also recently commented on PTVE. Jefferies Financial Group restated a "hold" rating and set a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday. Citigroup reiterated a "neutral" rating and set a $18.00 target price (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $15.86.
Check Out Our Latest Stock Analysis on Pactiv Evergreen
Shares of NASDAQ PTVE traded up $0.03 during midday trading on Thursday, reaching $17.26. 138,733 shares of the stock were exchanged, compared to its average volume of 515,156. The business has a 50-day simple moving average of $13.21 and a two-hundred day simple moving average of $12.11. Pactiv Evergreen has a 12 month low of $8.83 and a 12 month high of $17.61. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of -18.76, a P/E/G ratio of 1.70 and a beta of 1.35. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04.
Pactiv Evergreen (NASDAQ:PTVE - Get Free Report) last issued 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 company had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.37 billion. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The business's quarterly revenue was down 3.3% on a year-over-year basis. During the same period last year, the business earned $0.32 EPS. As a group, equities research analysts expect that Pactiv Evergreen will post 1.03 EPS for the current year.
Several hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company raised its stake in shares of Pactiv Evergreen by 5.6% during the second quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company's stock valued at $303,000 after acquiring an additional 1,431 shares during the last quarter. Federated Hermes Inc. grew its stake in Pactiv Evergreen by 69.2% during the second quarter. Federated Hermes Inc. now owns 3,605 shares of the company's stock worth $41,000 after purchasing an additional 1,474 shares during the period. Principal Financial Group Inc. increased its holdings in Pactiv Evergreen by 9.0% in the second quarter. Principal Financial Group Inc. now owns 20,856 shares of the company's stock worth $236,000 after purchasing an additional 1,726 shares in the last quarter. Point72 DIFC Ltd lifted its stake in Pactiv Evergreen by 33.2% in 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 period. Finally, CWM LLC boosted its holdings in shares of Pactiv Evergreen by 186.8% during the 2nd quarter. CWM LLC now owns 3,396 shares of the company's stock worth $38,000 after buying an additional 2,212 shares in the last quarter. Institutional investors and hedge funds own 22.23% of the company's stock.
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.
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