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

Cornercap Investment Counsel Inc. lessened its stake in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 50.9% in the 3rd quarter, Holdings Channel reports. The institutional investor 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 SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PTVE. 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 purchasing an additional 2,212 shares in the last quarter. Federated Hermes Inc. raised its position in Pactiv Evergreen by 69.2% during the second quarter. Federated Hermes Inc. now owns 3,605 shares of the company’s stock worth $41,000 after acquiring an additional 1,474 shares in the last quarter. Innealta Capital LLC acquired a new stake in Pactiv Evergreen in the second quarter valued at $83,000. Point72 DIFC Ltd lifted its stake 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 acquiring an additional 1,965 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its holdings in Pactiv Evergreen by 164.5% during the first quarter. Public Employees Retirement System of Ohio now owns 7,302 shares of the company’s stock worth $105,000 after purchasing an additional 4,541 shares during the period. Institutional investors and hedge funds own 22.23% of the company’s stock.

Pactiv Evergreen Price Performance

Pactiv Evergreen stock opened at $12.29 on Monday. The company has a current ratio of 1.93, a quick ratio of 0.93 and a debt-to-equity ratio of 3.26. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of -13.36, a PEG ratio of 1.21 and a beta of 1.30. The stock’s 50 day moving average is $11.64 and its 200-day moving average is $11.81. Pactiv Evergreen Inc. has a 12 month low of $8.83 and a 12 month high of $15.84.

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

Pactiv Evergreen Announces Dividend

The firm 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 dividend of $0.10 per share. 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%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Robert W. Baird cut their price target on Pactiv Evergreen from $15.00 to $12.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Royal Bank of Canada decreased their target price on 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, UBS Group decreased their target price on Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Two equities 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.57.

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.