Pactiv Evergreen (NASDAQ:PTVE) Shares Gap Up After Dividend Announcement

Pactiv Evergreen Inc. (NASDAQ:PTVEGet Rating) shares gapped up before the market opened on Thursday after the company announced a dividend. The stock had previously closed at $10.02, but opened at $11.07. Pactiv Evergreen shares last traded at $11.52, with a volume of 2,174 shares trading hands.

The newly announced dividend which will be paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st will be issued a $0.10 dividend. The ex-dividend date is Tuesday, August 30th. This represents a $0.40 annualized dividend and a yield of 3.57%. Pactiv Evergreen’s payout ratio is 49.38%.

Wall Street Analysts Forecast Growth

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

Pactiv Evergreen Stock Performance

The firm’s 50 day moving average is $9.95 and its two-hundred day moving average is $10.08. The stock has a market capitalization of $1.99 billion, a PE ratio of 13.84 and a beta of 1.41. The company has a debt-to-equity ratio of 3.62, a quick ratio of 1.14 and a current ratio of 2.17.

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

Insider Buying and Selling at Pactiv Evergreen

In other news, Director Rolf Stangl acquired 5,000 shares of the company’s stock in a transaction on Thursday, June 16th. The shares were bought at an average cost of $9.38 per share, with a total value of $46,900.00. Following the transaction, the director now owns 62,956 shares in the company, valued at approximately $590,527.28. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Allen Hugli acquired 5,100 shares of the company’s stock in a transaction on Tuesday, June 14th. The shares were bought at an average cost of $9.68 per share, with a total value of $49,368.00. Following the transaction, the director now owns 38,600 shares in the company, valued at approximately $373,648. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Rolf Stangl acquired 5,000 shares of the company’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 completion of the transaction, the director now owns 62,956 shares in the company, valued at approximately $590,527.28. The disclosure for this purchase can be found here. In the last three months, insiders have bought 20,100 shares of company stock valued at $196,268. Insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PTVE. Quantbot Technologies LP acquired a new position in shares of Pactiv Evergreen in the 1st quarter valued at $30,000. Amalgamated Bank acquired a new position in shares of Pactiv Evergreen in the 1st quarter valued at $52,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Pactiv Evergreen in the 4th quarter valued at $63,000. CI Investments Inc. boosted its holdings in shares of Pactiv Evergreen by 240.0% in the 1st quarter. CI Investments Inc. now owns 8,500 shares of the company’s stock valued at $86,000 after buying an additional 6,000 shares in the last quarter. Finally, American Trust boosted its holdings in shares of Pactiv Evergreen by 9.7% in the 1st quarter. American Trust now owns 11,630 shares of the company’s stock valued at $117,000 after buying an additional 1,032 shares in the last quarter. Institutional investors and hedge funds own 22.04% of the company’s stock.

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.

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