Pactiv Evergreen (NASDAQ:PTVE) Hits New 12-Month High – Time to Buy?

Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) hit a new 52-week high during trading on Thursday . The stock traded as high as $17.81 and last traded at $17.80, with a volume of 995764 shares traded. The stock had previously closed at $17.77.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Citigroup reissued a “neutral” rating and set a $18.00 target price (up from $13.00) on shares of Pactiv Evergreen in a research report on Tuesday, December 10th. UBS Group lowered Pactiv Evergreen from a “buy” rating to a “neutral” rating and increased their price objective for the company from $16.00 to $18.00 in a report on Friday, January 10th. Jefferies Financial Group restated a “hold” rating and issued a $18.00 target price (up from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 price target (up previously from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Six analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $16.33.

Pactiv Evergreen Stock Up 0.2 %

The stock has a market capitalization of $3.20 billion, a P/E ratio of -19.37, a price-to-earnings-growth ratio of 1.46 and a beta of 1.24. 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 stock has a fifty day moving average price of $17.55 and a 200 day moving average price of $13.77.

Pactiv Evergreen (NASDAQ:PTVE) last issued its earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.33 by $0.03. Pactiv Evergreen had a positive return on equity of 14.41% and a negative net margin of 3.16%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the company earned $0.32 EPS. The firm’s revenue was down 3.3% compared to the same quarter last year. On average, research analysts forecast that Pactiv Evergreen Inc. will post 1.05 earnings per share for the current year.

Hedge Funds Weigh In On Pactiv Evergreen

Large investors have recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its stake in Pactiv Evergreen by 111.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 145,240 shares of the company’s stock worth $2,537,000 after purchasing an additional 76,440 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Pactiv Evergreen in the third quarter worth $2,074,000. SG Americas Securities LLC bought a new stake in Pactiv Evergreen during the fourth quarter valued at $270,000. Allspring Global Investments Holdings LLC grew its position in Pactiv Evergreen by 183.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock worth $939,000 after buying an additional 52,775 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Pactiv Evergreen by 70.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock valued at $5,579,000 after acquiring an additional 200,873 shares in the last quarter. 22.23% of the stock is currently owned by institutional investors.

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.