TIG Advisors LLC Acquires Shares of 2,525,464 Pactiv Evergreen Inc. (NASDAQ:PTVE)

TIG Advisors LLC acquired a new position in shares of Pactiv Evergreen Inc. (NASDAQ:PTVE) in the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 2,525,464 shares of the company’s stock, valued at approximately $44,120,000. Pactiv Evergreen accounts for approximately 3.1% of TIG Advisors LLC’s holdings, making the stock its 10th biggest holding.

Other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC raised its holdings in Pactiv Evergreen by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock valued at $12,535,000 after buying an additional 10,158 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Pactiv Evergreen by 70.8% in the third quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock worth $5,579,000 after purchasing an additional 200,873 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Pactiv Evergreen by 111.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 145,240 shares of the company’s stock worth $2,537,000 after acquiring an additional 76,440 shares in the last quarter. SG Americas Securities LLC bought a new stake in Pactiv Evergreen in the fourth quarter valued at $270,000. Finally, Blue Trust Inc. raised its holdings in shares of Pactiv Evergreen by 1,590.7% during the fourth quarter. Blue Trust Inc. now owns 7,963 shares of the company’s stock valued at $139,000 after purchasing an additional 7,492 shares during the period. 22.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, UBS Group lowered 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 research note on Friday, January 10th. Five investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $16.80.

Pactiv Evergreen Price Performance

Pactiv Evergreen stock opened at $18.01 on Tuesday. The company’s 50 day moving average price is $17.94 and its two-hundred day moving average price is $16.27. The stock has a market cap of $3.25 billion, a P/E ratio of -19.58, a P/E/G 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 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.