Pactiv Evergreen (NASDAQ:PTVE) Sets New 52-Week High – Here’s What Happened

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $17.88 and last traded at $17.88, with a volume of 132975 shares trading hands. The stock had previously closed at $17.83.

Analysts Set New Price Targets

A number of research analysts have recently commented on PTVE shares. UBS Group downgraded 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 report on Friday, January 10th. Jefferies Financial Group reaffirmed 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Pactiv Evergreen has an average rating of “Hold” and an average target price of $16.80.

Pactiv Evergreen Trading Up 0.3 %

The firm has a market cap of $3.23 billion, a price-to-earnings ratio of -19.43, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. The business has a 50 day moving average of $17.68 and a 200 day moving average of $14.43. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26.

Institutional Investors Weigh In On Pactiv Evergreen

Hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. purchased a new stake in Pactiv Evergreen in the 3rd quarter worth approximately $2,074,000. Empowered Funds LLC lifted its position in Pactiv Evergreen by 17.3% during the third quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock worth $8,534,000 after buying an additional 109,513 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in Pactiv Evergreen in the 3rd quarter worth about $3,899,000. Intech Investment Management LLC purchased a new stake in Pactiv Evergreen in the 3rd quarter valued at about $132,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Pactiv Evergreen by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock valued at $11,310,000 after acquiring an additional 16,029 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.