Alberta Investment Management Corp Takes Position in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Alberta Investment Management Corp bought a new stake in Pactiv Evergreen Inc. (NASDAQ:PTVE) in the 4th quarter, Holdings Channel reports. The institutional investor bought 570,000 shares of the company’s stock, valued at approximately $9,958,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in shares of Pactiv Evergreen by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock valued at $12,535,000 after purchasing an additional 10,158 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Pactiv Evergreen by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 982,661 shares of the company’s stock worth $11,310,000 after acquiring an additional 16,029 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Pactiv Evergreen by 17.3% in the 3rd quarter. Empowered Funds LLC now owns 741,456 shares of the company’s stock valued at $8,534,000 after purchasing an additional 109,513 shares during the last quarter. JPMorgan Chase & Co. boosted its stake 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 purchasing an additional 200,873 shares during the last quarter. Finally, Segall Bryant & Hamill LLC bought a new stake in shares of Pactiv Evergreen in the 3rd quarter valued at $3,899,000. 22.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Pactiv Evergreen Stock Performance

PTVE opened at $17.83 on Thursday. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The company’s fifty day moving average price is $17.58 and its two-hundred day moving average price is $13.91. Pactiv Evergreen Inc. has a 1-year low of $8.83 and a 1-year high of $17.86. The company has a market cap of $3.20 billion, a price-to-earnings ratio of -19.38, a PEG ratio of 1.47 and a beta of 1.24.

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.