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

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

Analysts Set New Price Targets

PTVE has been the topic of a number of research analyst reports. Jefferies Financial Group reiterated 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. Citigroup reiterated a “neutral” rating and set a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. UBS Group downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and increased their price objective for the company from $16.00 to $18.00 in a research note on Friday, January 10th. Finally, Royal Bank of Canada reiterated 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. Five research analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.80.

Pactiv Evergreen Stock Performance

The stock’s 50-day moving average price is $17.75 and its 200-day moving average price is $14.80. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The company has a market capitalization of $3.23 billion, a P/E ratio of -19.45, a P/E/G ratio of 1.47 and a beta of 1.24.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Assenagon Asset Management S.A. lifted its position in shares of Pactiv Evergreen by 111.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 145,240 shares of the company’s stock worth $2,537,000 after buying an additional 76,440 shares during the last quarter. Victory Capital Management Inc. bought a new position in shares of Pactiv Evergreen in the 3rd quarter worth about $2,074,000. SG Americas Securities LLC bought a new position in shares of Pactiv Evergreen in the 4th quarter worth about $270,000. A&I Financial Services LLC acquired a new stake in shares of Pactiv Evergreen in the 4th quarter worth about $744,000. Finally, Alberta Investment Management Corp acquired a new stake in shares of Pactiv Evergreen in the 4th quarter worth about $9,958,000. 22.23% of the stock is currently owned by 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.