New York Life Investment Management LLC cut its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE – Free Report) by 13.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,505 shares of the company’s stock after selling 7,012 shares during the period. New York Life Investment Management LLC’s holdings in Pactiv Evergreen were worth $362,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Greenwich Wealth Management LLC bought a new position in shares of Pactiv Evergreen in the third quarter worth approximately $84,000. Cable Hill Partners LLC bought a new position in shares of Pactiv Evergreen in the third quarter worth approximately $87,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Pactiv Evergreen by 30.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,304 shares of the company’s stock worth $116,000 after purchasing an additional 3,329 shares during the last quarter. Bailard Inc. bought a new position in shares of Pactiv Evergreen in the third quarter worth approximately $151,000. Finally, SG Americas Securities LLC bought a new position in shares of Pactiv Evergreen in the third quarter worth approximately $146,000. 22.13% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research analysts recently weighed in on PTVE shares. Citigroup upgraded shares of Pactiv Evergreen from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $10.00 to $16.00 in a research report on Wednesday, January 3rd. Bank of America upgraded shares of Pactiv Evergreen from a “neutral” rating to a “buy” rating and increased their price target for the company from $14.00 to $16.00 in a research report on Tuesday, January 2nd. Jefferies Financial Group initiated coverage on shares of Pactiv Evergreen in a research report on Friday, January 19th. They set a “buy” rating and a $18.00 price target on the stock. Royal Bank of Canada increased their price target on shares of Pactiv Evergreen from $11.00 to $13.00 and gave the company an “outperform” rating in a research report on Friday, November 3rd. Finally, UBS Group initiated coverage on shares of Pactiv Evergreen in a research report on Tuesday, January 16th. They set a “buy” rating and a $19.00 price target on the stock. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $15.00.
Pactiv Evergreen Stock Performance
NASDAQ:PTVE opened at $14.66 on Monday. The firm has a market cap of $2.62 billion, a PE ratio of -11.92 and a beta of 1.53. Pactiv Evergreen Inc. has a fifty-two week low of $6.85 and a fifty-two week high of $15.25. The company has a debt-to-equity ratio of 2.80, a quick ratio of 0.98 and a current ratio of 1.95. The business has a 50 day moving average price of $13.81 and a 200-day moving average price of $10.63.
Pactiv Evergreen Company Profile
Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in North America. It operates through three segments: Foodservice, Food Merchandising, and Beverage Merchandising. The Foodservice segment offers food containers, hot and cold cups, lids, tableware, service ware, and other products.
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