Clearline Capital LP Increases Stake in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Clearline Capital LP raised its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 15.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 167,558 shares of the company’s stock after purchasing an additional 22,569 shares during the quarter. Clearline Capital LP owned about 0.09% of Pactiv Evergreen worth $1,929,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Victory Capital Management Inc. acquired a new position in Pactiv Evergreen in the third quarter valued at approximately $2,074,000. Allspring Global Investments Holdings LLC lifted its position in shares of Pactiv Evergreen by 183.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock valued at $939,000 after acquiring an additional 52,775 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Pactiv Evergreen by 25.9% in the second quarter. Renaissance Technologies LLC now owns 590,600 shares of the company’s stock worth $6,686,000 after acquiring an additional 121,400 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Pactiv Evergreen by 3.9% during the first quarter. Vanguard Group Inc. now owns 3,788,918 shares of the company’s stock worth $54,257,000 after purchasing an additional 143,776 shares in the last quarter. Finally, Edgestream Partners L.P. lifted its holdings in Pactiv Evergreen by 182.3% in the 2nd quarter. Edgestream Partners L.P. now owns 322,743 shares of the company’s stock valued at $3,653,000 after purchasing an additional 208,409 shares in the last quarter. Hedge funds and other institutional investors own 22.23% of the company’s stock.

Analyst Ratings Changes

PTVE has been the subject of a number of recent research reports. UBS Group cut their price objective on shares of Pactiv Evergreen from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Royal Bank of Canada reduced their price objective 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. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.57.

Pactiv Evergreen Stock Up 0.5 %

Shares of PTVE opened at $13.57 on Monday. The company’s 50-day moving average price is $12.00 and its 200 day moving average price is $11.80. Pactiv Evergreen Inc. has a 12-month low of $8.83 and a 12-month high of $15.84. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The firm has a market cap of $2.43 billion, a P/E ratio of -14.75, a price-to-earnings-growth ratio of 1.33 and a beta of 1.30.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $1.37 billion. During the same period in the previous year, the firm earned $0.32 EPS. The business’s revenue was down 3.3% on a year-over-year basis. On average, sell-side analysts forecast that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current year.

Pactiv Evergreen Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Monday, December 2nd. This represents a $0.40 annualized dividend and a dividend yield of 2.95%. Pactiv Evergreen’s dividend payout ratio (DPR) is -43.48%.

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.