Zurcher Kantonalbank Zurich Cantonalbank Sells 5,738 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 40.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,566 shares of the company’s stock after selling 5,738 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Pactiv Evergreen were worth $117,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Pactiv Evergreen in the third quarter valued at approximately $146,000. Cable Hill Partners LLC acquired a new stake in shares of Pactiv Evergreen in the 3rd quarter worth $87,000. Greenwich Wealth Management LLC purchased a new position in Pactiv Evergreen during the 3rd quarter worth $84,000. Swiss National Bank increased its position in Pactiv Evergreen by 2.1% during the 3rd quarter. Swiss National Bank now owns 97,900 shares of the company’s stock valued at $796,000 after buying an additional 2,000 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in Pactiv Evergreen by 10.0% in the third quarter. Janney Montgomery Scott LLC now owns 13,155 shares of the company’s stock valued at $107,000 after buying an additional 1,196 shares during the last quarter. Hedge funds and other institutional investors own 22.23% of the company’s stock.

Pactiv Evergreen Stock Performance

NASDAQ PTVE opened at $13.46 on Friday. Pactiv Evergreen Inc. has a fifty-two week low of $6.86 and a fifty-two week high of $15.84. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.93 and a current ratio of 2.00. The firm has a market capitalization of $2.41 billion, a P/E ratio of -29.26, a PEG ratio of 0.86 and a beta of 1.43. The stock has a 50-day simple moving average of $14.11 and a two-hundred day simple moving average of $13.28.

Pactiv Evergreen (NASDAQ:PTVE) last posted its earnings results on Thursday, May 2nd. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.05. Pactiv Evergreen had a negative net margin of 1.50% and a positive return on equity of 13.89%. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the previous year, the firm earned $0.13 EPS. The business’s quarterly revenue was down 12.5% on a year-over-year basis. On average, equities analysts forecast that Pactiv Evergreen Inc. will post 1.13 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, May 31st. Pactiv Evergreen’s payout ratio is currently -86.96%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. UBS Group started coverage on shares of Pactiv Evergreen in a report on Tuesday, January 16th. They set a “buy” rating and a $19.00 price objective on the stock. The Goldman Sachs Group lifted their price objective on shares of Pactiv Evergreen from $12.50 to $14.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. Jefferies Financial Group initiated coverage on Pactiv Evergreen in a research report on Friday, January 19th. They issued a “buy” rating and a $18.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $18.00 price target on shares of Pactiv Evergreen in a research report on Monday, March 4th. Finally, Citigroup increased their price objective on Pactiv Evergreen from $15.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.00.

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.