Bridgeway Capital Management LLC Cuts Position in Pactiv Evergreen Inc. (NASDAQ:PTVE)

Bridgeway Capital Management LLC cut its position in Pactiv Evergreen Inc. (NASDAQ:PTVE) by 90.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 146,502 shares of the company’s stock after selling 1,356,517 shares during the period. Bridgeway Capital Management LLC’s holdings in Pactiv Evergreen were worth $2,559,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PTVE. JPMorgan Chase & Co. grew its position in Pactiv Evergreen by 70.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 484,722 shares of the company’s stock valued at $5,579,000 after acquiring an additional 200,873 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake 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 valued at $2,537,000 after purchasing an additional 76,440 shares during the period. SG Americas Securities LLC acquired a new position in shares of Pactiv Evergreen in the fourth quarter valued at approximately $270,000. Blue Trust Inc. increased its stake in 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 buying an additional 7,492 shares during the period. Finally, Rhumbline Advisers lifted its holdings in Pactiv Evergreen by 2.2% during the 4th quarter. Rhumbline Advisers now owns 70,786 shares of the company’s stock worth $1,237,000 after buying an additional 1,538 shares in the last quarter. Hedge funds and other institutional investors own 22.23% of the company’s stock.

Analyst Ratings Changes

Separately, UBS Group downgraded shares of Pactiv Evergreen from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $16.00 to $18.00 in a research note on Friday, January 10th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Pactiv Evergreen currently has an average 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. Pactiv Evergreen Inc. has a 52 week low of $8.83 and a 52 week high of $18.03. The company’s 50 day moving average is $17.97 and its two-hundred day moving average is $16.54. 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. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26.

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.