Edgestream Partners L.P. Buys 208,409 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Edgestream Partners L.P. grew its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 182.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 322,743 shares of the company’s stock after buying an additional 208,409 shares during the quarter. Edgestream Partners L.P. owned approximately 0.18% of Pactiv Evergreen worth $3,653,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PTVE. ICA Group Wealth Management LLC bought a new stake in shares of Pactiv Evergreen during the fourth quarter worth $27,000. TFO Wealth Partners LLC grew its stake in shares of Pactiv Evergreen by 111,150.0% during the fourth quarter. TFO Wealth Partners LLC now owns 2,225 shares of the company’s stock worth $31,000 after buying an additional 2,223 shares during the last quarter. CWM LLC grew its stake 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 purchasing an additional 2,212 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Pactiv Evergreen by 69.2% in 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 last quarter. Finally, Innealta Capital LLC bought a new stake in shares of Pactiv Evergreen in the second quarter worth $83,000. Institutional investors own 22.23% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on PTVE shares. UBS Group reduced their price objective on shares of Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Royal Bank of Canada reduced their price objective on shares of Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Robert W. Baird reduced their price objective on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. Finally, Citigroup reduced their price objective on shares of Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, July 8th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Pactiv Evergreen presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.57.

Pactiv Evergreen Stock Performance

Shares of PTVE opened at $11.44 on Wednesday. The company has a current ratio of 2.04, a quick ratio of 0.93 and a debt-to-equity ratio of 2.72. The stock has a market capitalization of $2.05 billion, a P/E ratio of -24.76, a price-to-earnings-growth ratio of 1.13 and a beta of 1.31. The firm’s fifty day simple moving average is $11.43 and its two-hundred day simple moving average is $12.57. Pactiv Evergreen Inc. has a 12 month low of $7.58 and a 12 month high of $15.84.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.06). Pactiv Evergreen had a net margin of 1.49% and a return on equity of 13.34%. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.36 billion. During the same quarter in the prior year, the company posted $0.20 EPS. Pactiv Evergreen’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, analysts predict that Pactiv Evergreen Inc. will post 0.98 EPS for the current year.

Pactiv Evergreen Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.40 annualized dividend and a dividend yield of 3.50%. Pactiv Evergreen’s dividend payout ratio is currently -86.96%.

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.