American Century Companies Inc. Sells 2,334,686 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

American Century Companies Inc. decreased its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 74.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 808,219 shares of the company’s stock after selling 2,334,686 shares during the quarter. American Century Companies Inc. owned approximately 0.45% of Pactiv Evergreen worth $14,120,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Magnetar Financial LLC purchased a new position in shares of Pactiv Evergreen during the fourth quarter worth approximately $53,645,000. Alpine Associates Management Inc. bought a new position in Pactiv Evergreen in the fourth quarter worth approximately $14,325,000. Alberta Investment Management Corp purchased a new position in Pactiv Evergreen during the 4th quarter worth $9,958,000. Picton Mahoney Asset Management bought a new stake in Pactiv Evergreen during the 4th quarter valued at $6,426,000. Finally, Versor Investments LP purchased a new stake in shares of Pactiv Evergreen in the 4th quarter worth $4,709,000. Institutional investors own 22.23% of the company’s stock.

Pactiv Evergreen Stock Up 0.4 %

NASDAQ:PTVE opened at $18.03 on Wednesday. The company’s 50-day simple moving average is $17.84 and its 200-day simple moving average is $15.36. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. Pactiv Evergreen Inc. has a fifty-two week low of $8.83 and a fifty-two week high of $18.03. The stock has a market capitalization of $3.26 billion, a P/E ratio of -19.59, a P/E/G ratio of 1.47 and a beta of 1.24.

Analyst Upgrades and Downgrades

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

Pactiv Evergreen 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.