Pactiv Evergreen Inc. (NASDAQ:PTVE) Shares Sold by Engineers Gate Manager LP

Engineers Gate Manager LP lowered its position in Pactiv Evergreen Inc. (NASDAQ:PTVE – Get Rating) by 71.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 41,012 shares of the company’s stock after selling 101,077 shares during the period. Engineers Gate Manager LP’s holdings in Pactiv Evergreen were worth $358,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Montag A & Associates Inc. acquired a new stake in Pactiv Evergreen during the second quarter valued at $30,000. Quantbot Technologies LP purchased a new position in Pactiv Evergreen during the first quarter worth approximately $30,000. UBS Group AG boosted its position in Pactiv Evergreen by 1,034.3% during the third quarter. UBS Group AG now owns 3,369 shares of the company’s stock worth $30,000 after purchasing an additional 3,072 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Pactiv Evergreen in the third quarter valued at approximately $76,000. Finally, Atria Wealth Solutions Inc. purchased a new stake in shares of Pactiv Evergreen in the second quarter valued at approximately $104,000. Institutional investors and hedge funds own 21.48% of the company’s stock.

Pactiv Evergreen Stock Down 10.4 %

PTVE stock opened at $8.51 on Tuesday. The company’s 50 day moving average price is $11.04 and its 200 day moving average price is $10.83. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 4.81 and a beta of 1.44. Pactiv Evergreen Inc. has a fifty-two week low of $8.31 and a fifty-two week high of $12.46. The company has a debt-to-equity ratio of 2.68, a quick ratio of 1.27 and a current ratio of 2.43.

Pactiv Evergreen Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Shareholders of record on Friday, March 17th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date of this dividend is Thursday, March 16th. Pactiv Evergreen’s dividend payout ratio is currently 22.60%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $14.00 price target on shares of Pactiv Evergreen in a research note on Wednesday, March 8th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Pactiv Evergreen from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, March 8th. The Goldman Sachs Group increased their price objective on Pactiv Evergreen from $10.50 to $12.00 and gave the company a “neutral” rating in a research note on Monday, November 14th. Citigroup dropped their target price on shares of Pactiv Evergreen from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Wednesday, March 8th. Finally, Mizuho decreased their price target on shares of Pactiv Evergreen from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, March 8th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.86.

About Pactiv Evergreen

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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.