Magnetar Financial LLC Invests $53.65 Million in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Magnetar Financial LLC acquired a new position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,070,686 shares of the company’s stock, valued at approximately $53,645,000. Pactiv Evergreen accounts for about 1.3% of Magnetar Financial LLC’s portfolio, making the stock its 24th largest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Picton Mahoney Asset Management bought a new position in shares of Pactiv Evergreen during the 4th quarter worth about $6,426,000. Skandinaviska Enskilda Banken AB publ bought a new position in Pactiv Evergreen during the 4th quarter valued at about $1,398,000. AlphaQuest LLC lifted 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 valued at $61,000 after purchasing an additional 3,453 shares during the last quarter. Alpine Associates Management Inc. bought a new position in Pactiv Evergreen during the 4th quarter valued at about $14,325,000. Finally, Proficio Capital Partners LLC bought a new position in Pactiv Evergreen during the 4th quarter valued at about $424,000. 22.23% of the stock is owned by institutional investors.

Pactiv Evergreen Trading Up 0.1 %

PTVE opened at $17.91 on Thursday. 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 has a market capitalization of $3.24 billion, a PE ratio of -19.47, a PEG ratio of 1.47 and a beta of 1.24. Pactiv Evergreen Inc. has a 1-year low of $8.83 and a 1-year high of $18.05. The firm has a 50-day moving average price of $17.77 and a two-hundred day moving average price of $14.91.

Analyst Ratings Changes

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

Pactiv Evergreen 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.