Alliancebernstein L.P. Sells 653,999 Shares of Pactiv Evergreen Inc. (NASDAQ:PTVE)

Alliancebernstein L.P. lessened its stake in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE - Free Report) by 27.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,706,979 shares of the company's stock after selling 653,999 shares during the period. Alliancebernstein L.P. owned about 0.95% of Pactiv Evergreen worth $29,821,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Assenagon Asset Management S.A. boosted its position in shares of 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 buying an additional 76,440 shares during the period. SG Americas Securities LLC purchased a new stake in Pactiv Evergreen in the 4th quarter worth about $270,000. A&I Financial Services LLC purchased a new stake in Pactiv Evergreen in the 4th quarter worth about $744,000. Alberta Investment Management Corp acquired a new stake in Pactiv Evergreen during the 4th quarter worth about $9,958,000. Finally, Wolverine Asset Management LLC purchased a new position in Pactiv Evergreen during the 4th quarter valued at about $1,359,000. 22.23% of the stock is owned by hedge funds and other institutional investors.

Pactiv Evergreen Stock Performance

NASDAQ PTVE remained flat at $18.01 during trading on Friday. 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 stock has a market capitalization of $3.25 billion, a price-to-earnings ratio of -19.58, a PEG ratio of 1.47 and a beta of 1.24. Pactiv Evergreen Inc. has a 52 week low of $8.83 and a 52 week high of $18.03. The business's fifty day simple moving average is $17.89 and its two-hundred day simple moving average is $15.74.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Royal Bank of Canada restated a "sector perform" rating and set a $18.00 price target (up from $14.00) on shares of Pactiv Evergreen in a report on Thursday, December 19th. Jefferies Financial Group reissued a "hold" rating and set a $18.00 target price (up previously from $15.00) on shares of Pactiv Evergreen in a research note on Wednesday, December 18th. Finally, UBS Group cut shares of Pactiv Evergreen from a "buy" rating to a "neutral" rating and boosted their price target for the company from $16.00 to $18.00 in a report on Friday, January 10th. Five investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $16.80.

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.