Rubric Capital Management LP recently announced the acquisition of new stake in Pactiv Evergreen Inc. (NASDAQ:PTVE). The institutional investor has increased its shareholding in the Consumer Cyclical company by 2.35% to 4.35 million shares with purchase of 100000.0 shares. This fresh investment now brings its stake to 2.45% valued currently at $49.42 million. In addition, Frontier Capital Management Co. L raised its holdings by 0.65 million to 3.01 million shares. And EVR Research LP has lifted its position by 49.68% or 0.59 million shares – to 1.77 million shares.
With over 0.34 million Pactiv Evergreen Inc. (PTVE) shares trading Friday and a closing price of $10.80 on the day, the dollar volume was approximately $3.63 million. The shares have shown a positive half year performance of 10.43% and its price on 01/20/23 lost nearly -0.28%. Currently, there are 177.90M common shares owned by the public and among those 38.84M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for PTVE have a consensus price objective of $13.14. The analysts have set the share’s price value over the next 12 months at a high of $16.00 and a low of $11.00. The average price target is 17.81% above its recent price level and an upside to the estimated low will see the stock gain 1.82% over that period. But an upside of 32.5% will see the stock hit the forecast high price target while median target price for the stock is $13.00.
Insiders at the company have transacted a total of 31 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 26 of these insider trades were purchases, accounting for 951,972 shares. Insider sales of the common stock occurred on 5 occasions, with total insider shares sold totaling 49,304 shares.
The top 3 mutual fund holders in Pactiv Evergreen Inc. are American Century Small Cap Value, MFS New Discovery Value Fund, and Vanguard Total Stock Market Index. American Century Small Cap Value owns 4.74 million shares of the company’s stock, all valued at over $53.79 million. The company sold -0.15 million shares recently to bring their total holdings to about 2.66% of the shares outstanding. MFS New Discovery Value Fund sold -0.29 million shares to see its total holdings shrink to 1.83 million shares valued at over $20.77 million and representing 1.03% of the shares outstanding. Vanguard Total Stock Market Index now owns shares totaling to 0.60% of the shares outstanding.
Shares of Pactiv Evergreen Inc. (NASDAQ: PTVE) opened at $11.03, up $0.2 from a prior closing price of $10.83. However, the script later moved the day high at 11.00, down -0.28%. The company’s stock has a 5-day price change of -2.17% and 10.43% over the past three months. PTVE shares are trading -4.93% year to date (YTD), with the 12-month market performance down to -11.55% lower. It has a 12-month low price of $8.31 and touched a high of $12.46 over the same period. PTVE has an average intraday trading volume of 198.96K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.19%, -5.92%, and 2.88% respectively.
Institutional ownership of Pactiv Evergreen Inc. (NASDAQ: PTVE) shares accounts for 22.30% of the company’s 177.90M shares outstanding. Mutual fund holders own 10.41%, while other institutional holders and individual stakeholders account for 11.15% and 0.58% respectively.
It has a market capitalization of $1.93B. The stock’s trailing 12-month PE ratio is 5.95, while the earnings-per-share (ttm) stands at $1.81. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.66% over the week and 2.99% over the month.
Analysts forecast that Pactiv Evergreen Inc. (PTVE) will achieve an EPS of $0.14 for the current quarter, $0.12 for the next quarter and $1.13 for 2023. The lowest estimate earnings-per-share for the quarter is $0.06 while analysts give the company a high EPS estimate of $0.19. Comparatively, EPS for the current quarter was $0 a year ago. Earnings per share for the fiscal year are expected to increase by 312.50%, and -42.68% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Pactiv Evergreen Inc. (PTVE) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 4 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PTVE, a number of firms have released research notes about the stock. Citigroup stated their Neutral rating for the stock in a research note on May 23, 2022, with the firm’s price target at $12-$10. RBC Capital Mkts coverage for the Pactiv Evergreen Inc. (PTVE) stock in a research note released on May 06, 2022 offered a Outperform rating with a price target of $13. BofA Securities was of a view on April 14, 2022 that the stock is Neutral, while Deutsche Bank gave the stock Buy rating on December 20, 2021, issuing a price target of $17- $15. BofA Securities on their part issued Buy rating on November 04, 2021.