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

Pactiv Evergreen Inc. (NASDAQ:PTVE)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $17.81 and last traded at $17.80, with a volume of 995764 shares changing hands. The stock had previously closed at $17.77.

Analyst Upgrades and Downgrades

PTVE has been the subject of a number of recent research reports. Royal Bank of Canada reissued 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. UBS Group lowered Pactiv Evergreen from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $16.00 to $18.00 in a report on Friday, January 10th. Jefferies Financial Group reaffirmed a “hold” rating and set a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Finally, Citigroup reiterated a “neutral” rating and set a $18.00 target price (up previously from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $16.33.

Pactiv Evergreen Stock Performance

The company has a 50-day moving average price of $17.43 and a two-hundred day moving average price of $13.70. The company has a market capitalization of $3.19 billion, a PE ratio of -19.34, a PEG ratio of 1.46 and a beta of 1.24. 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 (NASDAQ:PTVE) last posted its earnings results on Tuesday, November 12th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the firm posted $0.32 EPS. Pactiv Evergreen’s revenue was down 3.3% on a year-over-year basis. Analysts predict that Pactiv Evergreen Inc. will post 1.05 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its holdings in shares of Pactiv Evergreen by 111.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 145,240 shares of the company’s stock worth $2,537,000 after buying an additional 76,440 shares during the last quarter. Victory Capital Management Inc. purchased a new position in Pactiv Evergreen in the third quarter worth $2,074,000. SG Americas Securities LLC purchased a new position in Pactiv Evergreen in the fourth quarter worth $270,000. Allspring Global Investments Holdings LLC increased its stake in Pactiv Evergreen by 183.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock valued at $939,000 after acquiring an additional 52,775 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in Pactiv Evergreen by 70.8% during the third quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock valued at $5,579,000 after purchasing an additional 200,873 shares in the last quarter. Institutional investors own 22.23% of the company’s stock.

About Pactiv Evergreen

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.