Pactiv Evergreen Inc. (NASDAQ:PTVE – Get Rating) announced a quarterly dividend on Wednesday, August 3rd, Zacks reports. Investors 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 3.60%. 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 Stock Down 3.1 %
Shares of PTVE traded down $0.36 on Friday, reaching $11.11. The company’s stock had a trading volume of 3,204 shares, compared to its average volume of 229,462. The company has a current ratio of 2.17, a quick ratio of 1.14 and a debt-to-equity ratio of 3.62. Pactiv Evergreen has a twelve month low of $8.71 and a twelve month high of $15.53. The stock has a market capitalization of $1.97 billion, a PE ratio of 13.63 and a beta of 1.41. The firm has a fifty day moving average of $9.93 and a 200-day moving average of $10.09.
Analyst Ratings Changes
A number of research analysts have recently weighed in on PTVE shares. Bank of America downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and set a $13.00 target price for the company. in a research report on Thursday, April 14th. Royal Bank of Canada raised shares of Pactiv Evergreen from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $9.00 to $13.00 in a research report on Friday, May 6th. Finally, Citigroup downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and reduced their target price for the company from $12.00 to $10.00 in a research report on Monday, May 23rd. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Pactiv Evergreen presently has an average rating of “Moderate Buy” and an average target price of $13.63.
In related news, insider Tim A. Levenda acquired 10,000 shares of the stock in a transaction dated Friday, June 10th. The shares were purchased at an average price of $10.00 per share, for a total transaction of $100,000.00. Following the transaction, the insider now owns 163,315 shares in the company, valued at approximately $1,633,150. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In other Pactiv Evergreen news, insider Tim A. Levenda bought 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 10th. The shares were bought at an average price of $10.00 per share, for a total transaction of $100,000.00. Following the transaction, the insider now directly owns 163,315 shares in the company, valued at $1,633,150. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rolf Stangl purchased 5,000 shares of the business’s stock in a transaction on Thursday, June 16th. The stock was purchased at an average cost of $9.38 per share, for a total transaction of $46,900.00. Following the acquisition, the director now owns 62,956 shares in the company, valued at $590,527.28. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 20,100 shares of company stock worth $196,268. 0.22% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Pactiv Evergreen
A number of large investors have recently added to or reduced their stakes in PTVE. Bank of America Corp DE boosted its stake in shares of Pactiv Evergreen by 270.0% during the 1st quarter. Bank of America Corp DE now owns 111,831 shares of the company’s stock valued at $1,125,000 after purchasing an additional 81,607 shares in the last quarter. Advisors Asset Management Inc. bought a new stake in shares of Pactiv Evergreen during the 1st quarter valued at about $1,624,000. Quantbot Technologies LP bought a new stake in shares of Pactiv Evergreen during the 1st quarter valued at about $30,000. Goldman Sachs Group Inc. boosted its stake in Pactiv Evergreen by 1,000.2% during the first quarter. Goldman Sachs Group Inc. now owns 205,023 shares of the company’s stock worth $2,062,000 after acquiring an additional 186,388 shares in the last quarter. Finally, State Street Corp boosted its stake in Pactiv Evergreen by 4.5% during the first quarter. State Street Corp now owns 821,477 shares of the company’s stock worth $8,264,000 after acquiring an additional 35,203 shares in the last quarter. Institutional investors own 22.04% of the company’s stock.
About Pactiv Evergreen
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.
- Get a free copy of the StockNews.com research report on Pactiv Evergreen (PTVE)
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