Cornercap Investment Counsel Inc. Sells 34,310 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Cornercap Investment Counsel Inc. decreased its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 50.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 33,159 shares of the company’s stock after selling 34,310 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Pactiv Evergreen were worth $382,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CWM LLC boosted its position in shares of Pactiv Evergreen by 186.8% during the 2nd 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. Federated Hermes Inc. boosted its position in shares of Pactiv Evergreen by 69.2% during the 2nd quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock valued at $41,000 after acquiring an additional 1,474 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Pactiv Evergreen by 164.5% during the 1st quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company’s stock valued at $105,000 after acquiring an additional 4,541 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Pactiv Evergreen during the 2nd quarter valued at about $83,000. Finally, Point72 DIFC Ltd boosted its position 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 in the last quarter. Institutional investors own 22.23% of the company’s stock.

Pactiv Evergreen Trading Up 0.2 %

PTVE opened at $12.29 on Monday. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 0.93. The company has a market cap of $2.20 billion, a price-to-earnings ratio of -13.36, a price-to-earnings-growth ratio of 1.21 and a beta of 1.30. The firm has a 50 day simple moving average of $11.64 and a 200 day simple moving average of $11.81. Pactiv Evergreen Inc. has a fifty-two week low of $8.83 and a fifty-two week high of $15.84.

Pactiv Evergreen (NASDAQ:PTVE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.37 billion. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. Pactiv Evergreen’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.32 earnings per share. On average, sell-side analysts anticipate that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Announces Dividend

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

Wall Street Analyst Weigh In

PTVE has been the topic of a number of recent analyst reports. UBS Group reduced 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. Royal Bank of Canada reduced their price target on shares of Pactiv Evergreen from $15.00 to $13.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, Robert W. Baird dropped their target price on shares of Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Pactiv Evergreen presently has an average rating of “Moderate Buy” and a consensus target price of $14.57.

Pactiv Evergreen 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.