Pactiv Evergreen (NASDAQ:PTVE) Hits New 1-Year High – Should You Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $17.81 and last traded at $17.80, with a volume of 995764 shares changing hands. The stock had previously closed at $17.77.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PTVE shares. 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 report on Thursday, December 19th. UBS Group downgraded Pactiv Evergreen from a “buy” rating to a “neutral” rating and raised their price objective for the company from $16.00 to $18.00 in a report on Friday, January 10th. Citigroup restated a “neutral” rating and set a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Finally, Jefferies Financial Group restated a “hold” rating and set a $18.00 price target (up from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $16.33.

Pactiv Evergreen Stock Performance

The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of -19.34, a price-to-earnings-growth ratio of 1.46 and a beta of 1.24. The stock has a 50 day moving average of $17.43 and a 200 day moving average of $13.70. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26.

Pactiv Evergreen (NASDAQ:PTVE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the business earned $0.32 EPS. The firm’s revenue was down 3.3% compared to the same quarter last year. As a group, analysts predict that Pactiv Evergreen Inc. will post 1.05 EPS for the current year.

Institutional Investors Weigh In On Pactiv Evergreen

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AlphaQuest LLC grew its position in Pactiv Evergreen by 10,155.9% in the 4th quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock valued at $61,000 after purchasing an additional 3,453 shares during the period. Intech Investment Management LLC bought a new position in shares of Pactiv Evergreen in the third quarter valued at $132,000. Blue Trust Inc. grew its holdings in shares of Pactiv Evergreen by 1,590.7% during 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 last quarter. Paloma Partners Management Co bought a new stake in shares of Pactiv Evergreen during the third quarter worth about $178,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Pactiv Evergreen in the 4th quarter worth about $180,000. 22.23% of the stock is owned by 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.