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

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) hit a new 52-week high during trading on Monday . The stock traded as high as $17.94 and last traded at $17.94, with a volume of 1063092 shares trading hands. The stock had previously closed at $17.91.

Analyst Upgrades and Downgrades

PTVE has been the topic of several recent analyst reports. UBS Group lowered Pactiv Evergreen from a “buy” rating to a “neutral” rating and boosted their price target for the company from $16.00 to $18.00 in a research note on Friday, January 10th. Citigroup reaffirmed a “neutral” rating and issued a $18.00 price target (up previously from $13.00) on shares of Pactiv Evergreen in a research note on Tuesday, December 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Pactiv Evergreen currently has a consensus rating of “Hold” and an average price target of $16.80.

Pactiv Evergreen Trading Up 0.1 %

The company has a debt-to-equity ratio of 3.26, a current ratio of 1.93 and a quick ratio of 1.04. The company has a market cap of $3.24 billion, a price-to-earnings ratio of -19.49, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. The business has a 50 day simple moving average of $17.78 and a 200 day simple moving average of $15.02.

Hedge Funds Weigh In On Pactiv Evergreen

Institutional investors and hedge funds have recently bought and sold shares of the business. Magnetar Financial LLC bought a new stake in shares of Pactiv Evergreen during the fourth quarter worth $53,645,000. Dimensional Fund Advisors LP raised its position in shares of Pactiv Evergreen by 7.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,884,505 shares of the company’s stock worth $50,392,000 after acquiring an additional 205,051 shares during the last quarter. TIG Advisors LLC bought a new stake in shares of Pactiv Evergreen during the fourth quarter worth $44,120,000. Westchester Capital Management LLC bought a new stake in shares of Pactiv Evergreen during the fourth quarter worth $30,149,000. Finally, Schonfeld Strategic Advisors LLC bought a new stake in shares of Pactiv Evergreen during the fourth quarter worth $22,476,000. Institutional investors and hedge funds 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.