Pactiv Evergreen (NASDAQ:PTVE) Reaches New 12-Month High - Time to Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $17.81 and last traded at $17.80, with a volume of 995764 shares changing hands. The stock had previously closed at $17.77.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PTVE. UBS Group downgraded Pactiv Evergreen from a "buy" rating to a "neutral" rating and upped their price target for the company from $16.00 to $18.00 in a report on Friday, January 10th. Jefferies Financial Group reiterated a "hold" rating and set a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Royal Bank of Canada reiterated a "sector perform" rating and set a $18.00 price objective (up previously from $14.00) on shares of Pactiv Evergreen in a research report on Thursday, December 19th. Finally, Citigroup reiterated a "neutral" rating and set a $18.00 price objective (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $16.33.

Pactiv Evergreen Price Performance

The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The firm has a market capitalization of $3.20 billion, a P/E ratio of -19.37, a price-to-earnings-growth ratio of 1.46 and a beta of 1.24. The firm has a 50 day moving average price of $17.56 and a 200-day moving average price of $13.83.

Institutional Investors Weigh In On Pactiv Evergreen

A number of institutional investors and hedge funds have recently modified their holdings of PTVE. Allspring Global Investments Holdings LLC lifted its stake in shares of Pactiv Evergreen by 183.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company's stock worth $939,000 after acquiring an additional 52,775 shares during the last quarter. Victory Capital Management Inc. bought a new stake in Pactiv Evergreen during the 3rd quarter valued at $2,074,000. Empowered Funds LLC lifted its holdings in shares of Pactiv Evergreen by 17.3% in the 3rd quarter. Empowered Funds LLC now owns 741,456 shares of the company's stock worth $8,534,000 after buying an additional 109,513 shares during the period. Segall Bryant & Hamill LLC purchased a new stake in shares of Pactiv Evergreen in the 3rd quarter worth $3,899,000. Finally, Intech Investment Management LLC bought a new position in shares of Pactiv Evergreen during the 3rd quarter worth $132,000. 22.23% of the stock is owned by institutional investors.

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.