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

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $17.89 and last traded at $17.88, with a volume of 128405 shares trading hands. The stock had previously closed at $17.83.

Wall Street Analyst Weigh In

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

Pactiv Evergreen Stock Down 0.0 %

The company’s fifty day moving average price is $17.73 and its 200-day moving average price is $14.69. The stock has a market capitalization of $3.23 billion, a PE ratio of -19.43, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26.

Hedge Funds Weigh In On Pactiv Evergreen

Several large investors have recently made changes to their positions in PTVE. Magnetar Financial LLC purchased a new position in shares of Pactiv Evergreen during the fourth quarter valued at approximately $53,645,000. TIG Advisors LLC purchased a new position in Pactiv Evergreen in the 4th quarter worth approximately $44,120,000. Westchester Capital Management LLC purchased a new position in Pactiv Evergreen in the 4th quarter worth approximately $30,149,000. Schonfeld Strategic Advisors LLC purchased a new position in Pactiv Evergreen in the 4th quarter worth approximately $22,476,000. Finally, Hsbc Holdings PLC raised its holdings in Pactiv Evergreen by 7,831.6% in the 4th quarter. Hsbc Holdings PLC now owns 1,079,488 shares of the company’s stock worth $18,918,000 after acquiring an additional 1,065,878 shares during the last quarter. 22.23% of the stock is currently owned by hedge funds and other institutional investors.

Pactiv Evergreen Company 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.