Pactiv Evergreen (NASDAQ:PTVE) Hits New 12-Month High - Still a Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $17.81 and last traded at $17.73, with a volume of 541826 shares changing hands. The stock had previously closed at $17.66.

Analyst Ratings Changes

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

Pactiv Evergreen Stock Performance

The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -19.26, a PEG ratio of 1.46 and a beta of 1.24. 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 stock's 50-day moving average is $17.22 and its 200-day moving average is $13.60.

Pactiv Evergreen (NASDAQ:PTVE - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.03. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The company had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.37 billion. During the same period in the prior year, the company earned $0.32 EPS. Pactiv Evergreen's revenue was down 3.3% compared to the same quarter last year. On average, analysts predict that Pactiv Evergreen Inc. will post 1.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. AlphaQuest LLC lifted its holdings in shares of Pactiv Evergreen by 10,155.9% during the fourth quarter. AlphaQuest LLC now owns 3,487 shares of the company's stock worth $61,000 after purchasing an additional 3,453 shares during the period. Alpine Associates Management Inc. acquired a new position in Pactiv Evergreen during the 4th quarter worth about $14,325,000. Proficio Capital Partners LLC bought a new stake in shares of Pactiv Evergreen in the 4th quarter valued at about $424,000. Victory Capital Management Inc. increased its stake in shares of Pactiv Evergreen by 9.5% in the fourth quarter. Victory Capital Management Inc. now owns 197,308 shares of the company's stock valued at $3,447,000 after buying an additional 17,133 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Pactiv Evergreen by 1.0% during the fourth 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 during the last quarter. Institutional investors own 22.23% of the company's stock.

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.