Pactiv Evergreen (NASDAQ:PTVE) Sets New 12-Month High – Should You Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE) shares hit a new 52-week high on Wednesday . The company traded as high as $17.88 and last traded at $17.88, with a volume of 132975 shares trading hands. The stock had previously closed at $17.83.

Wall Street Analysts Forecast Growth

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

Pactiv Evergreen Trading Up 0.3 %

The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. The firm’s 50 day moving average is $17.68 and its two-hundred day moving average is $14.43. The stock has a market cap of $3.23 billion, a price-to-earnings ratio of -19.43, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PTVE. AlphaQuest LLC lifted its position in Pactiv Evergreen by 10,155.9% in 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. Intech Investment Management LLC acquired a new position in shares of Pactiv Evergreen during the 3rd quarter valued at $132,000. Blue Trust Inc. grew its stake in shares of Pactiv Evergreen by 1,590.7% in the 4th quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock worth $139,000 after purchasing an additional 7,492 shares during the last quarter. State of Wyoming grew its holdings in shares of Pactiv Evergreen by 109.7% in the 4th quarter. State of Wyoming now owns 9,071 shares of the company’s stock worth $158,000 after acquiring an additional 4,745 shares during the last quarter. Finally, Tidal Investments LLC acquired a new stake in Pactiv Evergreen during the 4th quarter worth about $177,000. Institutional investors and hedge funds own 22.23% of the company’s stock.

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.