Pactiv Evergreen (NASDAQ:PTVE) Shares Gap Down Following Weak Earnings

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $13.14, but opened at $10.88. Pactiv Evergreen shares last traded at $10.48, with a volume of 62,813 shares traded.

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 positive return on equity of 13.79% and a negative net margin of 1.50%. The firm 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 firm earned $0.20 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis.

Wall Street Analyst Weigh In

PTVE has been the topic of several research analyst reports. Citigroup lowered their price target on shares of Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Monday, July 8th. UBS Group decreased their price objective on Pactiv Evergreen from $19.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Pactiv Evergreen currently has an average rating of “Moderate Buy” and an average target price of $15.86.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PTVE. Rubric Capital Management LP raised its position in shares of Pactiv Evergreen by 0.8% during the fourth quarter. Rubric Capital Management LP now owns 5,039,766 shares of the company’s stock worth $69,095,000 after purchasing an additional 39,766 shares during the period. Vanguard Group Inc. lifted its stake in shares of Pactiv Evergreen by 3.9% in the first quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company’s stock valued at $54,257,000 after buying an additional 143,776 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Pactiv Evergreen by 23.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,613,830 shares of the company’s stock valued at $22,126,000 after buying an additional 307,239 shares during the last quarter. Bridgeway Capital Management LLC increased its position in shares of Pactiv Evergreen by 3.5% during the first quarter. Bridgeway Capital Management LLC now owns 1,298,224 shares of the company’s stock worth $18,591,000 after acquiring an additional 44,374 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Pactiv Evergreen by 2.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 988,128 shares of the company’s stock worth $13,547,000 after acquiring an additional 24,018 shares during the last quarter. 22.23% of the stock is owned by institutional investors and hedge funds.

Pactiv Evergreen Price Performance

The business has a fifty day simple moving average of $12.02 and a 200 day simple moving average of $13.45. The stock has a market capitalization of $1.90 billion, a P/E ratio of -23.11, a price-to-earnings-growth ratio of 0.89 and a beta of 1.32. The company has a current ratio of 2.02, a quick ratio of 0.87 and a debt-to-equity ratio of 2.69.

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.