Pactiv Evergreen Inc. (NASDAQ:PTVE) Announces $0.10 Quarterly Dividend

Pactiv Evergreen Inc. (NASDAQ:PTVE – Get Rating) announced a quarterly dividend on Wednesday, August 3rd, Zacks reports. Stockholders of record on Wednesday, August 31st will be given a dividend of 0.10 per share on Thursday, September 15th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date is Tuesday, August 30th.

Pactiv Evergreen has a dividend payout ratio of 33.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Pactiv Evergreen to earn $0.96 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 41.7%.

Pactiv Evergreen Price Performance

Shares of Pactiv Evergreen stock traded down $0.34 during trading hours on Friday, reaching $11.13. The company’s stock had a trading volume of 3,169 shares, compared to its average volume of 229,462. The firm has a 50 day moving average price of $9.93 and a 200-day moving average price of $10.09. Pactiv Evergreen has a one year low of $8.71 and a one year high of $15.53. The company has a debt-to-equity ratio of 3.62, a current ratio of 2.17 and a quick ratio of 1.14. The stock has a market cap of $1.98 billion, a P/E ratio of 13.63 and a beta of 1.41.

Pactiv Evergreen (NASDAQ:PTVE – Get Rating) last posted its earnings results on Wednesday, May 4th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.42 billion. Pactiv Evergreen had a net margin of 2.43% and a return on equity of 19.00%. On average, analysts predict that Pactiv Evergreen will post 0.65 EPS for the current year.

Insider Buying and Selling at Pactiv Evergreen

In related news, insider Tim A. Levenda acquired 10,000 shares of the stock in a transaction on Friday, June 10th. The stock was bought at an average cost of $10.00 per share, with a total value of $100,000.00. Following the transaction, the insider now directly owns 163,315 shares in the company, valued at $1,633,150. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Tim A. Levenda acquired 10,000 shares of the stock in a transaction on Friday, June 10th. The stock was bought at an average cost of $10.00 per share, with a total value of $100,000.00. Following the transaction, the insider now directly owns 163,315 shares in the company, valued at $1,633,150. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Allen Hugli purchased 5,100 shares of the stock in a transaction dated Tuesday, June 14th. The stock was acquired at an average cost of $9.68 per share, with a total value of $49,368.00. Following the transaction, the director now directly owns 38,600 shares in the company, valued at approximately $373,648. The disclosure for this purchase can be found here. Insiders purchased a total of 20,100 shares of company stock valued at $196,268 in the last three months. Company insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Pactiv Evergreen

A number of hedge funds and other institutional investors have recently bought and sold shares of PTVE. Quantbot Technologies LP acquired a new stake in shares of Pactiv Evergreen in the first quarter worth $30,000. Swiss National Bank lifted its holdings in Pactiv Evergreen by 7.3% during the first quarter. Swiss National Bank now owns 104,700 shares of the company’s stock valued at $1,053,000 after purchasing an additional 7,100 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in Pactiv Evergreen by 56.6% during the first quarter. MetLife Investment Management LLC now owns 27,051 shares of the company’s stock valued at $272,000 after purchasing an additional 9,778 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Pactiv Evergreen by 0.3% during the first quarter. Vanguard Group Inc. now owns 3,530,178 shares of the company’s stock valued at $35,514,000 after purchasing an additional 11,033 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new position in shares of Pactiv Evergreen in the first quarter worth about $283,000. Hedge funds and other institutional investors own 22.04% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PTVE shares. Citigroup downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and cut their price target for the company from $12.00 to $10.00 in a report on Monday, May 23rd. Bank of America downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and set a $13.00 price target on the stock. in a report on Thursday, April 14th. Finally, Royal Bank of Canada upgraded shares of Pactiv Evergreen from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $9.00 to $13.00 in a report on Friday, May 6th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Pactiv Evergreen presently has an average rating of “Moderate Buy” and an average price target of $13.63.

Pactiv Evergreen Company Profile

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Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in North America. It operates through three segments: Foodservice, Food Merchandising, and Beverage Merchandising. The Foodservice segment offers food containers, hot and cold cups, lids, dinnerware, tableware, service ware, and other products.