American Century Companies Inc. Sells 2,334,686 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

American Century Companies Inc. lowered its position in Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) by 74.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 808,219 shares of the company's stock after selling 2,334,686 shares during the period. American Century Companies Inc. owned about 0.45% of Pactiv Evergreen worth $14,120,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Magnetar Financial LLC acquired a new stake in Pactiv Evergreen during the 4th quarter worth approximately $53,645,000. Geode Capital Management LLC grew its stake in shares of Pactiv Evergreen by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company's stock worth $12,535,000 after acquiring an additional 10,158 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Pactiv Evergreen by 1.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 992,003 shares of the company's stock worth $17,330,000 after acquiring an additional 9,342 shares in the last quarter. Alpine Associates Management Inc. acquired a new stake in shares of Pactiv Evergreen in the fourth quarter valued at approximately $14,325,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Pactiv Evergreen by 2.5% in the fourth quarter. Bank of New York Mellon Corp now owns 772,796 shares of the company's stock worth $13,501,000 after purchasing an additional 18,672 shares in the last quarter. 22.23% of the stock is currently owned by institutional investors.

Remove Ads

Analysts Set New Price Targets

PTVE has been the topic of several recent research reports. Jefferies Financial Group reiterated a "hold" rating and issued a $18.00 price target (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Royal Bank of Canada restated a "sector perform" rating and issued a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Citigroup reissued a "neutral" rating and issued a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Finally, UBS Group downgraded shares of Pactiv Evergreen from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $16.00 to $18.00 in a research report on Friday, January 10th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat, Pactiv Evergreen currently has an average rating of "Hold" and an average price target of $16.80.

Pactiv Evergreen Price Performance

Shares of NASDAQ PTVE remained flat at $18.01 during mid-day trading on Thursday. The stock has a market cap of $3.25 billion, a P/E ratio of -19.58, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. 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 firm's 50-day simple moving average is $17.85 and its 200 day simple moving average is $15.39. Pactiv Evergreen Inc. has a 12-month low of $8.83 and a 12-month high of $18.03.

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.