Verition Fund Management LLC Buys New Position in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Verition Fund Management LLC bought a new stake in Reynolds Consumer Products Inc. (NASDAQ:REYN) during the third quarter, Holdings Channel.com reports. The fund bought 413,005 shares of the company’s stock, valued at approximately $12,844,000.

Several other institutional investors also recently added to or reduced their stakes in the business. Martingale Asset Management L P grew its stake in shares of Reynolds Consumer Products by 7.5% in the third quarter. Martingale Asset Management L P now owns 75,475 shares of the company’s stock worth $2,347,000 after acquiring an additional 5,276 shares during the last quarter. Quantbot Technologies LP boosted its holdings in Reynolds Consumer Products by 3.8% in the 3rd quarter. Quantbot Technologies LP now owns 29,395 shares of the company’s stock valued at $914,000 after purchasing an additional 1,085 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Reynolds Consumer Products in the 3rd quarter worth $851,000. Cerity Partners LLC increased its holdings in shares of Reynolds Consumer Products by 6.9% during the 3rd quarter. Cerity Partners LLC now owns 22,682 shares of the company’s stock worth $705,000 after purchasing an additional 1,457 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Reynolds Consumer Products by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 572,862 shares of the company’s stock valued at $17,816,000 after buying an additional 6,065 shares during the last quarter. 26.81% of the stock is owned by institutional investors.

Reynolds Consumer Products Price Performance

Shares of REYN stock opened at $27.69 on Friday. The stock’s fifty day simple moving average is $28.97 and its 200 day simple moving average is $29.06. Reynolds Consumer Products Inc. has a one year low of $26.07 and a one year high of $32.65. The firm has a market cap of $5.82 billion, a price-to-earnings ratio of 15.82 and a beta of 0.50. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.04 and a quick ratio of 0.89.

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

Reynolds Consumer Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend was Friday, November 15th. Reynolds Consumer Products’s payout ratio is 52.57%.

Insider Transactions at Reynolds Consumer Products

In other Reynolds Consumer Products news, Director Rolf Stangl purchased 7,207 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was acquired at an average cost of $27.25 per share, with a total value of $196,390.75. Following the completion of the acquisition, the director now directly owns 7,207 shares of the company’s stock, valued at $196,390.75. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Helen Golding purchased 1,190 shares of Reynolds Consumer Products stock in a transaction that occurred on Thursday, November 14th. The shares were bought at an average price of $27.58 per share, for a total transaction of $32,820.20. Following the transaction, the director now owns 1,190 shares in the company, valued at $32,820.20. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada lifted their target price on Reynolds Consumer Products from $31.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. lifted their price objective on Reynolds Consumer Products from $29.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Jefferies Financial Group began coverage on Reynolds Consumer Products in a research note on Thursday, August 29th. They issued a “buy” rating and a $38.00 target price for the company. Barclays decreased their price target on shares of Reynolds Consumer Products from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Finally, Canaccord Genuity Group boosted 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. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price 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.