Carlson Capital L.P. Takes Position in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Carlson Capital L.P. bought a new stake in Pactiv Evergreen Inc. (NASDAQ:PTVE) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 53,000 shares of the company’s stock, valued at approximately $926,000. Pactiv Evergreen comprises approximately 0.5% of Carlson Capital L.P.’s portfolio, making the stock its 14th largest holding.

A number of other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Pactiv Evergreen by 183.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 81,543 shares of the company’s stock valued at $939,000 after purchasing an additional 52,775 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Pactiv Evergreen in the third quarter valued at approximately $2,074,000. Empowered Funds LLC increased its holdings in shares of Pactiv Evergreen by 17.3% in the third 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 in the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of Pactiv Evergreen in the third quarter valued at approximately $3,899,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Pactiv Evergreen in the third quarter valued at approximately $132,000. Institutional investors own 22.23% of the company’s stock.

Wall Street Analyst Weigh In

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

Pactiv Evergreen Price Performance

Shares of PTVE stock opened at $17.83 on Thursday. Pactiv Evergreen Inc. has a 12-month low of $8.83 and a 12-month high of $17.86. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of -19.38, a price-to-earnings-growth ratio of 1.47 and a beta of 1.24. 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 fifty day moving average of $17.64 and a 200-day moving average of $14.19.

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.