Bank of New York Mellon Corp Boosts Stock Holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Bank of New York Mellon Corp grew its holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) by 2.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 772,796 shares of the company's stock after purchasing an additional 18,672 shares during the period. Bank of New York Mellon Corp owned approximately 0.43% of Pactiv Evergreen worth $13,501,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Geode Capital Management LLC lifted its position in Pactiv Evergreen by 0.9% in the third quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company's stock valued at $12,535,000 after buying an additional 10,158 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in 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 last quarter. Empowered Funds LLC lifted its stake in Pactiv Evergreen by 17.3% during the third quarter. Empowered Funds LLC now owns 741,456 shares of the company's stock worth $8,534,000 after purchasing an additional 109,513 shares in the last quarter. Alberta Investment Management Corp acquired a new position in Pactiv Evergreen during the fourth quarter worth $9,958,000. Finally, JPMorgan Chase & Co. boosted its position 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 worth $5,579,000 after buying an additional 200,873 shares during the period. 22.23% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Analysts Set New Price Targets

PTVE has been the topic of several research analyst reports. UBS Group downgraded Pactiv Evergreen from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $16.00 to $18.00 in a report on Friday, January 10th. Royal Bank of Canada reiterated a "sector perform" rating and set 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 research note on Tuesday, December 10th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $18.00 target price (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Five investment 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 price target of $16.80.

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. The company has a 50-day moving average price of $17.73 and a 200-day moving average price of $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. Pactiv Evergreen Inc. has a fifty-two week low of $8.83 and a fifty-two week high of $17.90. The firm has a market capitalization of $3.23 billion, a price-to-earnings ratio of -19.43, a P/E/G ratio of 1.47 and a beta of 1.24.

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.