Pactiv Evergreen Inc. (NASDAQ:PTVE) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 2.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 772,796 shares of the company’s stock after purchasing an additional 18,672 shares during the quarter. Bank of New York Mellon Corp owned about 0.43% of Pactiv Evergreen worth $13,501,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its holdings 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 valued at $139,000 after buying an additional 7,492 shares in the last quarter. Intech Investment Management LLC purchased a new stake in Pactiv Evergreen in the third quarter valued at $132,000. SG Americas Securities LLC acquired a new position in Pactiv Evergreen in the fourth quarter valued at $270,000. Paloma Partners Management Co purchased a new position in shares of Pactiv Evergreen during the third quarter worth about $178,000. Finally, Verition Fund Management LLC purchased a new position in shares of Pactiv Evergreen during the third quarter worth about $215,000. 22.23% of the stock is currently owned by hedge funds and other institutional investors.

Pactiv Evergreen Stock Up 0.1 %

PTVE opened at $17.88 on Thursday. The business has a 50 day moving average price of $17.73 and a two-hundred day moving average price of $14.69. Pactiv Evergreen Inc. has a 52 week low of $8.83 and a 52 week high of $17.89. The company has a market cap of $3.23 billion, a PE ratio of -19.43, a P/E/G ratio of 1.47 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.

Analyst Upgrades and Downgrades

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

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.