Pactiv Evergreen (NASDAQ:PTVE) Hits New 1-Year High – Should You Buy?

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $18.03 and last traded at $18.01, with a volume of 5785949 shares traded. The stock had previously closed at $17.96.

Analyst Upgrades and Downgrades

PTVE has been the subject of several research reports. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price objective (up previously from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Citigroup reaffirmed a “neutral” rating and issued a $18.00 target price (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Finally, UBS Group lowered 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 research note on Friday, January 10th. Five research analysts have rated the stock with a hold rating, According to MarketBeat, Pactiv Evergreen has an average rating of “Hold” and an average target price of $16.80.

Pactiv Evergreen Stock Performance

The firm has a market capitalization of $3.25 billion, a P/E ratio of -19.58, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. The company has a 50-day moving average of $17.83 and a 200-day moving average of $15.31. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26.

Hedge Funds Weigh In On Pactiv Evergreen

Hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Pactiv Evergreen by 3.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,035 shares of the company’s stock valued at $402,000 after purchasing an additional 822 shares during the period. Rhumbline Advisers boosted its stake in shares of Pactiv Evergreen by 2.2% in the 4th quarter. Rhumbline Advisers now owns 70,786 shares of the company’s stock valued at $1,237,000 after purchasing an additional 1,538 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Pactiv Evergreen by 8.4% during the fourth quarter. Principal Financial Group Inc. now owns 21,614 shares of the company’s stock worth $378,000 after buying an additional 1,684 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Pactiv Evergreen by 19.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,541 shares of the company’s stock worth $272,000 after buying an additional 2,573 shares during the last quarter. Finally, AlphaQuest LLC lifted its holdings in Pactiv Evergreen by 10,155.9% in the fourth quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock valued at $61,000 after buying an additional 3,453 shares during the period. 22.23% of the stock is currently 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.