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

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) hit a new 52-week high on Tuesday . The company traded as high as $18.03 and last traded at $18.01, with a volume of 5785949 shares. The stock had previously closed at $17.96.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Royal Bank of Canada restated a “sector perform” rating and set a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Jefferies Financial Group reiterated a “hold” rating and set a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Citigroup restated a “neutral” rating and issued a $18.00 price target (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 upped their price objective for the company 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, the company presently has a consensus rating of “Hold” and an average target price of $16.80.

Pactiv Evergreen Trading Up 0.3 %

The business has a fifty day moving average of $17.83 and a 200-day moving average of $15.31. 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 company has a market capitalization of $3.25 billion, a P/E ratio of -19.58, a PEG ratio of 1.47 and a beta of 1.24.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PTVE. AlphaQuest LLC increased its position in shares of Pactiv Evergreen by 10,155.9% during the fourth quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock worth $61,000 after acquiring an additional 3,453 shares in the last quarter. Intech Investment Management LLC bought a new position in Pactiv Evergreen in the 3rd quarter valued at about $132,000. Blue Trust Inc. boosted its stake in Pactiv Evergreen by 1,590.7% during the 4th quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock valued at $139,000 after purchasing an additional 7,492 shares during the last quarter. State of Wyoming increased its holdings in Pactiv Evergreen by 109.7% during the 4th quarter. State of Wyoming now owns 9,071 shares of the company’s stock worth $158,000 after purchasing an additional 4,745 shares in the last quarter. Finally, Tidal Investments LLC purchased a new stake in shares of Pactiv Evergreen in the fourth quarter worth approximately $177,000. 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.