Alpine Associates Management Inc. Makes New Investment in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Alpine Associates Management Inc. purchased a new position in Pactiv Evergreen Inc. (NASDAQ:PTVE) during the 4th quarter, HoldingsChannel reports. The firm purchased 820,000 shares of the company’s stock, valued at approximately $14,325,000.

Several other institutional investors also recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in Pactiv Evergreen by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock worth $12,535,000 after buying an additional 10,158 shares during the period. Charles Schwab Investment Management Inc. increased its position in Pactiv Evergreen by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 992,003 shares of the company’s stock worth $17,330,000 after buying an additional 9,342 shares during the period. Bank of New York Mellon Corp increased its position in Pactiv Evergreen by 2.5% in the 4th quarter. Bank of New York Mellon Corp now owns 772,796 shares of the company’s stock worth $13,501,000 after buying an additional 18,672 shares during the period. Empowered Funds LLC lifted its holdings in shares of Pactiv Evergreen by 17.3% during the 3rd quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock worth $8,534,000 after acquiring an additional 109,513 shares during the period. Finally, Alberta Investment Management Corp acquired a new stake in shares of Pactiv Evergreen during the 4th quarter valued at about $9,958,000. 22.23% of the stock is owned by institutional investors.

Pactiv Evergreen Stock Up 0.1 %

NASDAQ:PTVE opened at $17.87 on Friday. The company 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 quick ratio of 1.04 and a current ratio of 1.93. The stock’s fifty day moving average price is $17.71 and its two-hundred day moving average price is $14.55. Pactiv Evergreen Inc. has a 52-week low of $8.83 and a 52-week high of $17.89.

Analysts Set New Price Targets

Several research analysts recently issued reports on PTVE shares. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price objective (up previously from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. UBS Group lowered 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, Citigroup reiterated 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. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.80.

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.