Empowered Funds LLC Raises Holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Empowered Funds LLC grew its holdings in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 17.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 741,456 shares of the company’s stock after purchasing an additional 109,513 shares during the period. Empowered Funds LLC owned about 0.41% of Pactiv Evergreen worth $8,534,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. The Manufacturers Life Insurance Company boosted its position in shares of Pactiv Evergreen by 5.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 26,794 shares of the company’s stock valued at $303,000 after purchasing an additional 1,431 shares during the period. Federated Hermes Inc. grew its holdings in Pactiv Evergreen by 69.2% in the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after buying an additional 1,474 shares during the period. Principal Financial Group Inc. grew its position in Pactiv Evergreen by 9.0% during the second quarter. Principal Financial Group Inc. now owns 20,856 shares of the company’s stock valued at $236,000 after acquiring an additional 1,726 shares during the period. Point72 DIFC Ltd raised its stake in shares of Pactiv Evergreen by 33.2% in the 2nd quarter. Point72 DIFC Ltd now owns 7,876 shares of the company’s stock valued at $89,000 after acquiring an additional 1,965 shares during the period. Finally, CWM LLC grew its position in Pactiv Evergreen by 186.8% in the second quarter. CWM LLC now owns 3,396 shares of the company’s stock valued at $38,000 after acquiring an additional 2,212 shares in the last quarter. 22.23% of the stock is owned by institutional investors and hedge funds.

Pactiv Evergreen Price Performance

NASDAQ PTVE opened at $12.29 on Friday. Pactiv Evergreen Inc. has a twelve month low of $8.83 and a twelve month high of $15.84. The stock has a 50-day simple moving average of $11.64 and a 200 day simple moving average of $11.86. The stock has a market capitalization of $2.20 billion, a PE ratio of -13.36, a P/E/G ratio of 1.31 and a beta of 1.30. The company has a debt-to-equity ratio of 3.26, a quick ratio of 0.93 and a current ratio of 1.93.

Pactiv Evergreen (NASDAQ:PTVE) last posted its 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. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the firm earned $0.32 EPS. The firm’s quarterly revenue was down 3.3% compared to the same quarter last year. Research analysts anticipate that Pactiv Evergreen Inc. will post 1.03 EPS for the current year.

Pactiv Evergreen Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Monday, December 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.25%. The ex-dividend date is Monday, December 2nd. Pactiv Evergreen’s payout ratio is -43.48%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PTVE shares. Robert W. Baird lowered their price objective on Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. UBS Group dropped their price target on shares of Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, Royal Bank of Canada lowered their target price on Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $14.57.

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.