Arrowstreet Capital Limited Partnership Sells 491,942 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Arrowstreet Capital Limited Partnership decreased its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) by 86.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,738 shares of the company’s stock after selling 491,942 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Pactiv Evergreen were worth $1,323,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of PTVE. JPMorgan Chase & Co. lifted its stake in shares of Pactiv Evergreen by 104.8% in the 4th quarter. JPMorgan Chase & Co. now owns 992,517 shares of the company’s stock valued at $17,339,000 after purchasing an additional 507,795 shares during the period. Chicago Capital Management LLC purchased a new position in Pactiv Evergreen during the fourth quarter valued at $524,000. KLP Kapitalforvaltning AS bought a new stake in shares of Pactiv Evergreen during the 4th quarter valued at $180,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Pactiv Evergreen in the 4th quarter worth about $1,048,000. Finally, Magnetar Financial LLC bought a new position in shares of Pactiv Evergreen in the 4th quarter worth about $53,645,000. Institutional investors own 22.23% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on PTVE shares. Royal Bank of Canada reissued a “sector perform” rating and set a $18.00 price objective (up previously from $14.00) on shares of Pactiv Evergreen in a research note on Thursday, December 19th. Jefferies Financial Group restated a “hold” rating and issued a $18.00 price target (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Finally, UBS Group cut Pactiv Evergreen from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $16.00 to $18.00 in a research note on Friday, January 10th. Five analysts have rated the stock with a hold rating, According to data from MarketBeat, Pactiv Evergreen has a consensus rating of “Hold” and a consensus target price of $16.80.

Pactiv Evergreen Stock Performance

Shares of NASDAQ PTVE opened at $18.01 on Friday. The firm’s 50 day moving average price is $17.89 and its 200-day moving average price is $15.74. Pactiv Evergreen Inc. has a 52-week low of $8.83 and a 52-week high of $18.03. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.04 and a current ratio of 1.93. The company has a market cap of $3.25 billion, a PE ratio of -19.58, a P/E/G ratio of 1.47 and a beta of 1.24.

About Pactiv Evergreen

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.