Barclays Cuts Reynolds Consumer Products (NASDAQ:REYN) Price Target to $28.00

Reynolds Consumer Products (NASDAQ:REYN) had its price target reduced by Barclays from $29.00 to $28.00 in a research note released on Thursday, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Other analysts also recently issued reports about the stock. Jefferies Financial Group began coverage on shares of Reynolds Consumer Products in a research report on Thursday, August 29th. They set a “buy” rating and a $38.00 price objective on the stock. Canaccord Genuity Group increased their price target on shares of Reynolds Consumer Products from $30.00 to $32.00 and gave the company a “hold” rating in a report on Thursday, August 8th. Royal Bank of Canada raised their price target on shares of Reynolds Consumer Products from $31.00 to $32.00 and gave the company a “sector perform” rating in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. upped their price objective on Reynolds Consumer Products from $29.00 to $33.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $32.17.

Reynolds Consumer Products Price Performance

Shares of NASDAQ REYN opened at $27.22 on Thursday. The company has a 50 day simple moving average of $30.64 and a two-hundred day simple moving average of $29.21. Reynolds Consumer Products has a fifty-two week low of $25.29 and a fifty-two week high of $32.65. The company has a market capitalization of $5.72 billion, a price-to-earnings ratio of 15.55 and a beta of 0.50. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.01 and a current ratio of 2.04.

Reynolds Consumer Products (NASDAQ:REYN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). Reynolds Consumer Products had a net margin of 10.03% and a return on equity of 18.27%. The company had revenue of $910.00 million for the quarter, compared to the consensus estimate of $902.88 million. During the same period last year, the business earned $0.37 EPS. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. Analysts expect that Reynolds Consumer Products will post 1.69 EPS for the current fiscal year.

Reynolds Consumer Products Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.23 per share. The ex-dividend date is Friday, November 15th. This represents a $0.92 dividend on an annualized basis and a yield of 3.38%. Reynolds Consumer Products’s dividend payout ratio is presently 52.57%.

Hedge Funds Weigh In On Reynolds Consumer Products

A number of institutional investors and hedge funds have recently modified their holdings of the company. Covestor Ltd increased its position in Reynolds Consumer Products by 14.8% during the third quarter. Covestor Ltd now owns 4,564 shares of the company’s stock valued at $142,000 after acquiring an additional 588 shares during the last quarter. Atria Investments Inc increased its position in shares of Reynolds Consumer Products by 16.1% during the 3rd quarter. Atria Investments Inc now owns 11,286 shares of the company’s stock valued at $351,000 after purchasing an additional 1,565 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Reynolds Consumer Products in the 3rd quarter worth approximately $70,000. Beacon Harbor Wealth Advisors Inc. purchased a new position in shares of Reynolds Consumer Products in the third quarter worth approximately $5,731,000. Finally, Robeco Institutional Asset Management B.V. purchased a new position in shares of Reynolds Consumer Products in the third quarter worth approximately $2,026,000. 26.81% of the stock is currently owned by hedge funds and other institutional investors.

About Reynolds Consumer Products

Reynolds Consumer Products Inc produces and sells products in cooking, waste and storage, and tableware product categories in the United States and internationally. It operates through four segments: Reynolds Cooking & Baking, Hefty Waste & Storage, Hefty Tableware, and Presto Products. The Reynolds Cooking & Baking segment produces aluminum foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, butcher paper, plastic wrap, baking cups, oven bags, and slow cooker liners under the Reynolds Wrap, Reynolds KITCHENS, and EZ Foil brands in the United States, as well as under the ALCAN brand in Canada and under the Diamond brand internationally.