Bank of New York Mellon Corp Increases Stock Holdings in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Bank of New York Mellon Corp lifted its position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 2.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 772,796 shares of the company’s stock after acquiring an additional 18,672 shares during the period. Bank of New York Mellon Corp’s holdings in Pactiv Evergreen were worth $13,501,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in PTVE. Rhumbline Advisers increased its holdings in Pactiv Evergreen by 2.2% during the 4th quarter. Rhumbline Advisers now owns 70,786 shares of the company’s stock valued at $1,237,000 after acquiring an additional 1,538 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Pactiv Evergreen by 8.4% in the fourth quarter. Principal Financial Group Inc. now owns 21,614 shares of the company’s stock valued at $378,000 after purchasing an additional 1,684 shares during the last quarter. Blue Trust Inc. increased its stake in shares of Pactiv Evergreen by 1,590.7% during the 4th quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock worth $139,000 after purchasing an additional 7,492 shares in the last quarter. Geode Capital Management LLC increased its stake 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 worth $12,535,000 after purchasing an additional 10,158 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Pactiv Evergreen during the 3rd quarter worth approximately $132,000. 22.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PTVE has been the topic of a number of analyst reports. Citigroup reiterated a “neutral” rating and set a $18.00 target price (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Jefferies Financial Group reaffirmed a “hold” rating and set a $18.00 price objective (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. 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 note on Friday, January 10th. Finally, Royal Bank of Canada restated 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. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Pactiv Evergreen has a consensus rating of “Hold” and a consensus target price of $16.80.

Pactiv Evergreen Trading Up 0.1 %

Shares of Pactiv Evergreen stock opened at $17.88 on Thursday. Pactiv Evergreen Inc. has a fifty-two week low of $8.83 and a fifty-two week high of $17.89. The business’s fifty day moving average is $17.73 and its two-hundred day moving average is $14.69. The company has a quick ratio of 1.04, a current ratio of 1.93 and a debt-to-equity ratio of 3.26. The firm 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.

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.