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

Alberta Investment Management Corp acquired a new stake in Pactiv Evergreen Inc. (NASDAQ:PTVE) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 570,000 shares of the company’s stock, valued at approximately $9,958,000. Alberta Investment Management Corp owned 0.32% of Pactiv Evergreen at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in Pactiv Evergreen by 8.4% in the fourth quarter. Principal Financial Group Inc. now owns 21,614 shares of the company’s stock worth $378,000 after purchasing an additional 1,684 shares during the period. Rhumbline Advisers raised its holdings in Pactiv Evergreen by 2.2% in the fourth quarter. Rhumbline Advisers now owns 70,786 shares of the company’s stock worth $1,237,000 after purchasing an additional 1,538 shares during the period. Blue Trust Inc. raised its holdings in Pactiv Evergreen by 1,590.7% in the fourth quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock worth $139,000 after purchasing an additional 7,492 shares during the period. SG Americas Securities LLC acquired a new stake in Pactiv Evergreen in the fourth quarter worth $270,000. Finally, Assenagon Asset Management S.A. raised its holdings in Pactiv Evergreen by 111.1% in the fourth 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 during the period. 22.23% of the stock is currently owned by institutional investors and hedge funds.

Pactiv Evergreen Stock Performance

Shares of PTVE opened at $17.83 on Thursday. The company has a market cap of $3.20 billion, a PE ratio of -19.38, a price-to-earnings-growth ratio of 1.47 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 firm has a 50-day moving average of $17.58 and a 200-day moving average of $13.91. Pactiv Evergreen Inc. has a one year low of $8.83 and a one year high of $17.86.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PTVE shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 target price (up from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Citigroup reiterated 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. Jefferies Financial Group restated a “hold” rating and set a $18.00 price objective (up from $15.00) on shares of Pactiv Evergreen in a report on Wednesday, December 18th. Finally, UBS Group lowered shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $16.00 to $18.00 in a report on Friday, January 10th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat, Pactiv Evergreen has a consensus rating of “Hold” and a consensus price target of $16.33.

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.