Alpine Associates Management Inc. Invests $14.33 Million in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Alpine Associates Management Inc. purchased a new position in Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 820,000 shares of the company's stock, valued at approximately $14,325,000. Alpine Associates Management Inc. owned about 0.46% of Pactiv Evergreen at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Intech Investment Management LLC bought a new stake in shares of Pactiv Evergreen during the third quarter valued at approximately $132,000. Blue Trust Inc. raised its position 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 in the last quarter. Paloma Partners Management Co purchased a new stake in shares of Pactiv Evergreen in the 3rd quarter worth $178,000. Verition Fund Management LLC bought a new position in shares of Pactiv Evergreen during the 3rd quarter worth $215,000. Finally, SG Americas Securities LLC bought a new position in shares of Pactiv Evergreen during the 4th quarter worth $270,000. Hedge funds and other institutional investors own 22.23% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PTVE shares. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $18.00 price objective (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Citigroup reissued a "neutral" rating and issued a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Finally, UBS Group lowered 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 report on Friday, January 10th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Pactiv Evergreen currently has an average rating of "Hold" and a consensus price target of $16.80.

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Pactiv Evergreen Stock Performance

Shares of PTVE remained flat at $17.88 during midday trading on Thursday. The stock had a trading volume of 539,197 shares, compared to its average volume of 708,371. Pactiv Evergreen Inc. has a 12-month low of $8.83 and a 12-month high of $17.90. The company's 50-day moving average is $17.73 and its two-hundred day moving average is $14.69. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. The firm has a market cap of $3.23 billion, a PE ratio of -19.43, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24.

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.