Alberta Investment Management Corp Takes Position in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Alberta Investment Management Corp acquired a new position in Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 570,000 shares of the company's stock, valued at approximately $9,958,000. Alberta Investment Management Corp owned approximately 0.32% of Pactiv Evergreen at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. grew its holdings in 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 in the last quarter. Victory Capital Management Inc. bought a new position in Pactiv Evergreen in the 3rd quarter worth approximately $2,074,000. SG Americas Securities LLC bought a new position in Pactiv Evergreen in the 4th quarter worth approximately $270,000. Allspring Global Investments Holdings LLC grew its holdings in Pactiv Evergreen by 183.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company's stock worth $939,000 after buying an additional 52,775 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Pactiv Evergreen by 70.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company's stock worth $5,579,000 after buying an additional 200,873 shares in the last quarter. 22.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Jefferies Financial Group reissued a "hold" rating and issued a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Royal Bank of Canada restated a "sector perform" rating and issued a $18.00 target price (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 upped their target price for the stock from $16.00 to $18.00 in a research report on Friday, January 10th. Finally, Citigroup restated a "neutral" rating and issued a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Six analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $16.33.

Pactiv Evergreen Price Performance

PTVE traded up $0.01 during trading on Friday, reaching $17.83. The stock had a trading volume of 256,684 shares, compared to its average volume of 537,565. Pactiv Evergreen Inc. has a 1-year low of $8.83 and a 1-year high of $17.86. The stock has a 50 day moving average of $17.61 and a two-hundred day moving average of $14.03. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of -19.38, 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.

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.