California State Teachers Retirement System Lowers Stock Holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE)

California State Teachers Retirement System cut its position in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 1.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,280 shares of the company’s stock after selling 1,016 shares during the quarter. California State Teachers Retirement System’s holdings in Pactiv Evergreen were worth $893,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Legal & General Group Plc grew its stake in shares of Pactiv Evergreen by 73.9% in the second quarter. Legal & General Group Plc now owns 5,991 shares of the company’s stock valued at $91,000 after buying an additional 2,545 shares in the last quarter. First Mercantile Trust Co. grew its stake in shares of Pactiv Evergreen by 9.1% in the second quarter. First Mercantile Trust Co. now owns 10,675 shares of the company’s stock valued at $161,000 after buying an additional 889 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of Pactiv Evergreen by 3,235.3% in the second quarter. Federated Hermes Inc. now owns 10,873 shares of the company’s stock valued at $164,000 after buying an additional 10,547 shares in the last quarter. Schroder Investment Management Group acquired a new stake in shares of Pactiv Evergreen in the first quarter valued at $150,000. Finally, Arizona State Retirement System acquired a new stake in shares of Pactiv Evergreen in the second quarter valued at $181,000. 22.72% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts have recently weighed in on the company. Zacks Investment Research cut Pactiv Evergreen from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 10th. Mizuho initiated coverage on Pactiv Evergreen in a research note on Tuesday, October 12th. They set a “buy” rating and a $16.00 target price for the company. BMO Capital Markets raised Pactiv Evergreen from a “market perform” rating to an “outperform” rating and set a $16.00 target price for the company in a research note on Wednesday, September 29th. Citigroup boosted their target price on Pactiv Evergreen from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, August 9th. Finally, Royal Bank of Canada boosted their target price on Pactiv Evergreen from $12.00 to $13.00 and gave the stock a “sector perform” rating in a research note on Friday, November 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Pactiv Evergreen has an average rating of “Hold” and an average target price of $16.25.

NASDAQ:PTVE opened at $13.60 on Thursday. The stock has a 50-day simple moving average of $12.93 and a 200-day simple moving average of $14.01. The stock has a market cap of $2.41 billion, a P/E ratio of 10.63 and a beta of 2.59. Pactiv Evergreen Inc. has a 1 year low of $10.57 and a 1 year high of $19.61. The company has a debt-to-equity ratio of 3.60, a quick ratio of 1.19 and a current ratio of 2.44.

Pactiv Evergreen (NASDAQ:PTVE) last released its quarterly earnings data on Wednesday, November 3rd. The company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.10). Pactiv Evergreen had a return on equity of 11.91% and a net margin of 4.50%. During the same period last year, the firm earned ($0.02) EPS. On average, equities research analysts predict that Pactiv Evergreen Inc. will post 0.5 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 15th. Stockholders of record on Wednesday, December 1st will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, November 30th. This represents a $0.40 annualized dividend and a dividend yield of 2.94%. Pactiv Evergreen’s dividend payout ratio is currently 31.25%.

Pactiv Evergreen Company Profile

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, and other products.

Further Reading: Special Dividends

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Institutional Ownership by Quarter for Pactiv Evergreen (NASDAQ:PTVE)

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