Empowered Funds LLC Reduces Stock Holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Empowered Funds LLC decreased its position in Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) by 80.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 147,648 shares of the company's stock after selling 593,808 shares during the quarter. Empowered Funds LLC owned approximately 0.08% of Pactiv Evergreen worth $2,579,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in shares of Pactiv Evergreen by 1,590.7% during the fourth quarter. Blue Trust Inc. now owns 7,963 shares of the company's stock valued at $139,000 after acquiring an additional 7,492 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Pactiv Evergreen during the fourth quarter valued at $270,000. Assenagon Asset Management S.A. increased its holdings in shares of Pactiv Evergreen by 111.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 145,240 shares of the company's stock valued at $2,537,000 after acquiring an additional 76,440 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Pactiv Evergreen by 70.8% during the third quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company's stock valued at $5,579,000 after acquiring an additional 200,873 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Pactiv Evergreen by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company's stock valued at $12,535,000 after acquiring an additional 10,158 shares in the last quarter. Institutional investors own 22.23% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PTVE. UBS Group downgraded Pactiv Evergreen from a "buy" rating to a "neutral" rating and raised their price target 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 report on Wednesday, December 18th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $18.00 price objective (up from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Finally, Citigroup reaffirmed a "neutral" rating and set a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $16.33.

Pactiv Evergreen Stock Performance

NASDAQ:PTVE traded up $0.03 on Monday, hitting $17.82. The stock had a trading volume of 703,548 shares, compared to its average volume of 677,011. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of -19.37, a price-to-earnings-growth ratio of 1.46 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. The business's 50-day simple moving average is $17.56 and its two-hundred day simple moving average is $13.83. Pactiv Evergreen Inc. has a 52-week low of $8.83 and a 52-week high of $17.83.

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.