Pactiv Evergreen (NASDAQ:PTVE) Reaches New 12-Month High – Here’s Why

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) hit a new 52-week high during trading on Monday . The stock traded as high as $17.90 and last traded at $17.90, with a volume of 75283 shares traded. The stock had previously closed at $17.88.

Analyst Ratings Changes

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

Pactiv Evergreen Stock Up 0.1 %

The firm’s 50-day moving average price is $17.75 and its 200-day moving average price is $14.80. The company has a market cap of $3.23 billion, a price-to-earnings ratio of -19.45, a price-to-earnings-growth 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.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. boosted its stake in shares of Pactiv Evergreen by 111.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 145,240 shares of the company’s stock valued at $2,537,000 after purchasing an additional 76,440 shares during the period. Victory Capital Management Inc. purchased a new position in shares of Pactiv Evergreen in the third quarter valued at $2,074,000. SG Americas Securities LLC purchased a new position in shares of Pactiv Evergreen in the fourth quarter valued at $270,000. A&I Financial Services LLC purchased a new position in shares of Pactiv Evergreen in the fourth quarter valued at $744,000. Finally, Alberta Investment Management Corp purchased a new position in shares of Pactiv Evergreen in the fourth quarter valued at $9,958,000. 22.23% of the stock is currently owned by hedge funds and other institutional investors.

About Pactiv Evergreen

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.