Pactiv Evergreen (NASDAQ:PTVE) Hits New 1-Year High – Still a Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $17.81 and last traded at $17.80, with a volume of 995764 shares traded. The stock had previously closed at $17.77.

Analyst Ratings Changes

A number of research firms have recently commented on PTVE. UBS Group lowered shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and upped their price objective for the company from $16.00 to $18.00 in a research note on Friday, January 10th. Citigroup reiterated a “neutral” rating and set a $18.00 price target (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $18.00 target price (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Six investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $16.33.

Pactiv Evergreen Price Performance

The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of -19.37, a PEG ratio of 1.46 and a beta of 1.24. 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 business’s fifty day moving average price is $17.55 and its 200-day moving average price is $13.77.

Pactiv Evergreen (NASDAQ:PTVE) last posted its earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter last year, the company earned $0.32 earnings per share. On average, research analysts forecast that Pactiv Evergreen Inc. will post 1.05 EPS for the current year.

Institutional Investors Weigh In On Pactiv Evergreen

A number of institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its position in shares of Pactiv Evergreen by 5.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company’s stock worth $303,000 after buying an additional 1,431 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings 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. Victory Capital Management Inc. purchased a new position in Pactiv Evergreen in the third quarter worth $2,074,000. Empowered Funds LLC boosted its position in Pactiv Evergreen by 17.3% in the third quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock worth $8,534,000 after purchasing an additional 109,513 shares during the last quarter. Finally, Segall Bryant & Hamill LLC bought a new position in Pactiv Evergreen in the 3rd quarter valued at $3,899,000. 22.23% of the stock is owned by 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.