Magnetar Financial LLC Acquires Shares of 3,070,686 Pactiv Evergreen Inc. (NASDAQ:PTVE)

Magnetar Financial LLC purchased a new stake in Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,070,686 shares of the company's stock, valued at approximately $53,645,000. Pactiv Evergreen accounts for about 1.3% of Magnetar Financial LLC's holdings, making the stock its 24th largest position. Magnetar Financial LLC owned 1.71% of Pactiv Evergreen as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Victory Capital Management Inc. acquired a new stake in shares of Pactiv Evergreen during the third quarter worth $2,074,000. Segall Bryant & Hamill LLC acquired a new stake in Pactiv Evergreen during the 3rd quarter worth about $3,899,000. Intech Investment Management LLC bought a new position in shares of Pactiv Evergreen in the 3rd quarter worth about $132,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Pactiv Evergreen by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company's stock valued at $11,310,000 after purchasing an additional 16,029 shares during the period. Finally, Verition Fund Management LLC bought a new stake in shares of Pactiv Evergreen during the 3rd quarter valued at about $215,000. 22.23% of the stock is currently owned by institutional investors.

Pactiv Evergreen Stock Performance

NASDAQ PTVE remained flat at $17.93 during mid-day trading on Monday. 375,832 shares of the company traded hands, compared to its average volume of 561,385. The stock has a market capitalization of $3.24 billion, a price-to-earnings ratio of -19.49, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. The firm's fifty day moving average price is $17.78 and its 200 day moving average price is $15.02. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. Pactiv Evergreen Inc. has a twelve month low of $8.83 and a twelve month high of $17.94.

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Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Jefferies Financial Group reiterated a "hold" rating and issued a $18.00 target price (up from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Citigroup reiterated a "neutral" rating and set a $18.00 target price (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. 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 report on Thursday, December 19th. 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 analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $16.80.

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.