Pactiv Evergreen Inc. (NASDAQ:PTVE – Get Rating) declared a quarterly dividend on Thursday, November 3rd, Zacks reports. Investors of record on Wednesday, November 30th will be paid a dividend of 0.10 per share on Thursday, December 15th. This represents a $0.40 annualized dividend and a yield of 3.43%. The ex-dividend date is Tuesday, November 29th.
Pactiv Evergreen has a payout ratio of 39.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Pactiv Evergreen to earn $0.91 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 44.0%.
Pactiv Evergreen Stock Up 0.3 %
Shares of NASDAQ:PTVE opened at $11.65 on Friday. The firm has a market capitalization of $2.07 billion, a PE ratio of 6.51 and a beta of 1.54. The firm has a fifty day moving average of $10.20 and a 200 day moving average of $10.33. Pactiv Evergreen has a 52-week low of $8.31 and a 52-week high of $13.87. The company has a debt-to-equity ratio of 2.93, a quick ratio of 1.27 and a current ratio of 2.41.
Pactiv Evergreen (NASDAQ:PTVE – Get Rating) last announced its quarterly earnings data on Monday, November 7th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.04. Pactiv Evergreen had a return on equity of 19.61% and a net margin of 5.15%. The company had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.58 billion. As a group, research analysts anticipate that Pactiv Evergreen will post 1.65 EPS for the current fiscal year.
Institutional Investors Weigh In On Pactiv Evergreen
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PTVE. Swiss National Bank grew its position in Pactiv Evergreen by 7.3% during the 1st quarter. Swiss National Bank now owns 104,700 shares of the company’s stock worth $1,053,000 after purchasing an additional 7,100 shares during the period. MetLife Investment Management LLC grew its position in Pactiv Evergreen by 56.6% during the 1st quarter. MetLife Investment Management LLC now owns 27,051 shares of the company’s stock worth $272,000 after purchasing an additional 9,778 shares during the period. Dimensional Fund Advisors LP grew its position in Pactiv Evergreen by 161.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 208,782 shares of the company’s stock worth $2,100,000 after purchasing an additional 128,984 shares during the period. Sei Investments Co. grew its position in Pactiv Evergreen by 7.3% during the 1st quarter. Sei Investments Co. now owns 768,138 shares of the company’s stock worth $7,727,000 after purchasing an additional 52,156 shares during the period. Finally, Vanguard Group Inc. grew its position in Pactiv Evergreen by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 3,530,178 shares of the company’s stock worth $35,514,000 after purchasing an additional 11,033 shares during the period. 22.04% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
PTVE has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft dropped their price objective on Pactiv Evergreen from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, October 24th. The Goldman Sachs Group increased their price objective on Pactiv Evergreen from $10.50 to $12.00 and gave the company a “neutral” rating in a report on Monday, November 14th. Citigroup increased their price objective on Pactiv Evergreen from $9.00 to $13.00 and gave the company a “neutral” rating in a report on Thursday, November 10th. Bank of America decreased their price objective on Pactiv Evergreen from $12.00 to $10.00 in a report on Thursday, October 13th. Finally, TheStreet upgraded Pactiv Evergreen from a “d” rating to a “c-” rating in a report on Wednesday, November 9th. Three equities 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.com, the company has a consensus rating of “Hold” and a consensus target price of $12.57.
Pactiv Evergreen Company Profile
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, tableware, service ware, and other products.