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

Picton Mahoney Asset Management acquired a new stake in Pactiv Evergreen Inc. (NASDAQ:PTVE) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 367,824 shares of the company’s stock, valued at approximately $6,426,000.

A number of other hedge funds also recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in Pactiv Evergreen by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock worth $12,535,000 after purchasing an additional 10,158 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Pactiv Evergreen by 1.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 992,003 shares of the company’s stock worth $17,330,000 after purchasing an additional 9,342 shares during the last quarter. Alpine Associates Management Inc. acquired a new stake in Pactiv Evergreen during the 4th quarter worth approximately $14,325,000. Bank of New York Mellon Corp lifted its holdings in Pactiv Evergreen by 2.5% during the 4th quarter. Bank of New York Mellon Corp now owns 772,796 shares of the company’s stock worth $13,501,000 after purchasing an additional 18,672 shares during the last quarter. Finally, Empowered Funds LLC lifted its holdings in Pactiv Evergreen by 17.3% during the 3rd 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 during the last quarter. 22.23% of the stock is owned by institutional investors and hedge funds.

Pactiv Evergreen Stock Performance

Shares of PTVE opened at $17.88 on Friday. Pactiv Evergreen Inc. has a 52-week low of $8.83 and a 52-week high of $17.90. The business’s fifty day moving average is $17.75 and its 200-day moving average is $14.78. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of -19.43, a PEG ratio of 1.47 and a beta of 1.24.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. UBS Group cut Pactiv Evergreen from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $16.00 to $18.00 in a report on Friday, January 10th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Citigroup reaffirmed a “neutral” rating and issued a $18.00 price objective (up from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price objective (up from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Five research analysts have rated the stock with a hold rating, According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $16.80.

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.