Picton Mahoney Asset Management Buys New Position in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Picton Mahoney Asset Management acquired a new position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 367,824 shares of the company's stock, valued at approximately $6,426,000. Picton Mahoney Asset Management owned 0.21% of Pactiv Evergreen at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. AlphaQuest LLC raised its holdings in Pactiv Evergreen by 10,155.9% during the 4th quarter. AlphaQuest LLC now owns 3,487 shares of the company's stock worth $61,000 after buying an additional 3,453 shares during the period. Blue Trust Inc. grew its position in 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 purchasing an additional 7,492 shares in the last quarter. Intech Investment Management LLC purchased a new position in Pactiv Evergreen during the third quarter valued at approximately $132,000. SG Americas Securities LLC acquired a new position in Pactiv Evergreen in the 4th quarter valued at approximately $270,000. Finally, Paloma Partners Management Co purchased a new stake in Pactiv Evergreen in the 3rd quarter worth approximately $178,000. Institutional investors and hedge funds own 22.23% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PTVE. UBS Group downgraded shares of Pactiv Evergreen from a "buy" rating to a "neutral" rating and upped their price target for the stock from $16.00 to $18.00 in a research note on Friday, January 10th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $18.00 target price (up from $15.00) on shares of Pactiv Evergreen in a research report on Wednesday, December 18th. Citigroup reaffirmed a "neutral" rating and issued a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Finally, Royal Bank of Canada reaffirmed 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. Five analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $16.80.

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Pactiv Evergreen Stock Performance

PTVE stock remained flat at $17.91 during mid-day trading on Thursday. The company's stock had a trading volume of 289,855 shares, compared to its average volume of 558,198. 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 12 month low of $8.83 and a 12 month high of $18.05. The business's fifty day moving average price is $17.77 and its two-hundred day moving average price is $14.91. The stock has a market cap of $3.24 billion, a PE ratio of -19.47, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24.

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.