Advisors Asset Management Inc. Sells 223,124 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Advisors Asset Management Inc. cut its holdings in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 64.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 122,442 shares of the company’s stock after selling 223,124 shares during the period. Advisors Asset Management Inc. owned about 0.07% of Pactiv Evergreen worth $2,139,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PTVE. AlphaQuest LLC lifted its stake in Pactiv Evergreen by 10,155.9% during the fourth quarter. AlphaQuest LLC now owns 3,487 shares of the company’s stock worth $61,000 after purchasing an additional 3,453 shares during the last quarter. Intech Investment Management LLC bought a new stake in Pactiv Evergreen during the third quarter worth $132,000. Blue Trust Inc. lifted its stake in Pactiv Evergreen by 1,590.7% during 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 last quarter. Paloma Partners Management Co bought a new stake in Pactiv Evergreen during the third quarter worth $178,000. Finally, Verition Fund Management LLC bought a new stake in Pactiv Evergreen during the third quarter worth $215,000. 22.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Pactiv Evergreen Stock Performance

NASDAQ PTVE opened at $17.93 on Friday. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of -19.49, a PEG ratio of 1.47 and a beta of 1.24. Pactiv Evergreen Inc. has a twelve month low of $8.83 and a twelve month high of $17.94. The stock has a fifty day simple moving average of $17.78 and a 200 day simple moving average of $14.99. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26.

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.