Alpine Associates Management Inc. Invests $14.33 Million in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Alpine Associates Management Inc. acquired a new position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 820,000 shares of the company’s stock, valued at approximately $14,325,000. Alpine Associates Management Inc. owned 0.46% of Pactiv Evergreen at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PTVE. Intech Investment Management LLC purchased a new position in Pactiv Evergreen in the third quarter valued at approximately $132,000. Blue Trust Inc. raised its holdings in Pactiv Evergreen by 1,590.7% in the fourth quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock valued at $139,000 after buying an additional 7,492 shares during the period. Paloma Partners Management Co purchased a new position in Pactiv Evergreen in the third quarter valued at approximately $178,000. Verition Fund Management LLC purchased a new position in Pactiv Evergreen in the third quarter valued at approximately $215,000. Finally, SG Americas Securities LLC purchased a new position in Pactiv Evergreen in the fourth quarter valued at approximately $270,000. Hedge funds and other institutional investors own 22.23% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PTVE. Citigroup reaffirmed a “neutral” rating and issued a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Royal Bank of Canada restated a “sector perform” rating and set a $18.00 price objective (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. UBS Group cut Pactiv Evergreen from a “buy” rating to a “neutral” rating and raised their target price for the company from $16.00 to $18.00 in a research note on Friday, January 10th. Finally, Jefferies Financial Group restated a “hold” rating and set a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Pactiv Evergreen presently has a consensus rating of “Hold” and a consensus target price of $16.80.

Pactiv Evergreen Stock Up 0.1 %

Shares of Pactiv Evergreen stock opened at $17.87 on Friday. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of -19.42, a P/E/G ratio of 1.47 and a beta of 1.24. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. Pactiv Evergreen Inc. has a 52-week low of $8.83 and a 52-week high of $17.89. The stock has a 50-day simple moving average of $17.71 and a 200-day simple moving average of $14.55.

Pactiv Evergreen Profile

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in the United States, rest of North America, and internationally. It operates in two segments, Foodservice, and Food and Beverage Merchandising. The Foodservice segment offers food containers; drinkware, such as hot and cold cups and lids; and tableware, service ware, and other products.