Olstein Capital Management L.P. Reduces Holdings in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Olstein Capital Management L.P. cut its stake in shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) by 39.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 165,376 shares of the company’s stock after selling 106,624 shares during the quarter. Olstein Capital Management L.P. owned 0.08% of Reynolds Consumer Products worth $5,143,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. purchased a new stake in Reynolds Consumer Products in the 1st quarter worth approximately $232,000. Quantbot Technologies LP increased its position in Reynolds Consumer Products by 244.5% during the 1st quarter. Quantbot Technologies LP now owns 34,308 shares of the company’s stock valued at $980,000 after buying an additional 24,350 shares in the last quarter. Oppenheimer & Co. Inc. increased its position in Reynolds Consumer Products by 50.6% during the 1st quarter. Oppenheimer & Co. Inc. now owns 25,000 shares of the company’s stock valued at $714,000 after buying an additional 8,400 shares in the last quarter. Clifford Capital Partners LLC increased its position in Reynolds Consumer Products by 12.9% during the 1st quarter. Clifford Capital Partners LLC now owns 22,211 shares of the company’s stock valued at $634,000 after buying an additional 2,545 shares in the last quarter. Finally, Isthmus Partners LLC increased its position in Reynolds Consumer Products by 51.2% during the 1st quarter. Isthmus Partners LLC now owns 111,372 shares of the company’s stock valued at $3,181,000 after buying an additional 37,703 shares in the last quarter. 26.81% of the stock is currently owned by hedge funds and other institutional investors.

Reynolds Consumer Products Stock Up 0.4 %

Shares of Reynolds Consumer Products stock traded up $0.10 on Thursday, reaching $27.28. The company’s stock had a trading volume of 5,491 shares, compared to its average volume of 569,673. The company has a market capitalization of $5.73 billion, a price-to-earnings ratio of 15.53 and a beta of 0.50. Reynolds Consumer Products Inc. has a 52 week low of $25.80 and a 52 week high of $32.65. The company has a quick ratio of 0.89, a current ratio of 2.04 and a debt-to-equity ratio of 0.84. The firm’s fifty day simple moving average is $30.40 and its two-hundred day simple moving average is $29.19.

Reynolds Consumer Products (NASDAQ:REYN) last released its earnings results on Wednesday, October 30th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $902.88 million. During the same quarter last year, the firm posted $0.37 earnings per share. Reynolds Consumer Products’s revenue for the quarter was down 2.7% on a year-over-year basis. Equities analysts anticipate that Reynolds Consumer Products Inc. will post 1.69 earnings per share for the current year.

Reynolds Consumer Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a $0.23 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.92 annualized dividend and a dividend yield of 3.37%. Reynolds Consumer Products’s payout ratio is 52.57%.

Insider Activity

In other Reynolds Consumer Products news, Director Rolf Stangl acquired 7,207 shares of the stock in a transaction dated Friday, November 1st. The shares were acquired at an average cost of $27.25 per share, for a total transaction of $196,390.75. Following the completion of the transaction, the director now directly owns 7,207 shares of the company’s stock, valued at approximately $196,390.75. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on REYN shares. Royal Bank of Canada raised their price objective on 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. Canaccord Genuity Group raised their price objective on Reynolds Consumer Products from $30.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. raised 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. Jefferies Financial Group started coverage on Reynolds Consumer Products in a research report on Thursday, August 29th. They set a “buy” rating and a $38.00 price objective for the company. Finally, Barclays reduced their price objective on Reynolds Consumer Products from $29.00 to $28.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Reynolds Consumer Products has an average rating of “Hold” and an average price target of $32.17.

Reynolds Consumer Products Profile

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.