Summit Global Investments Acquires New Position in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Summit Global Investments bought a new position in Reynolds Consumer Products Inc. (NASDAQ:REYN) in the 4th quarter, Holdings Channel reports. The fund bought 11,043 shares of the company’s stock, valued at approximately $298,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in REYN. Envestnet Portfolio Solutions Inc. increased its stake in shares of Reynolds Consumer Products by 4.4% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 13,432 shares of the company’s stock worth $363,000 after purchasing an additional 566 shares in the last quarter. Swiss National Bank boosted its holdings in Reynolds Consumer Products by 0.7% in the 4th quarter. Swiss National Bank now owns 124,000 shares of the company’s stock worth $3,347,000 after buying an additional 900 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Reynolds Consumer Products by 19.3% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 334,535 shares of the company’s stock worth $9,029,000 after buying an additional 54,203 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in Reynolds Consumer Products by 667.1% during the fourth quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company’s stock valued at $70,000 after acquiring an additional 2,248 shares during the period. Finally, Isthmus Partners LLC lifted its position in shares of Reynolds Consumer Products by 0.6% in the fourth quarter. Isthmus Partners LLC now owns 87,307 shares of the company’s stock valued at $2,356,000 after acquiring an additional 533 shares in the last quarter. Institutional investors own 26.81% of the company’s stock.

Reynolds Consumer Products Price Performance

Reynolds Consumer Products stock opened at $23.54 on Tuesday. Reynolds Consumer Products Inc. has a 52-week low of $23.13 and a 52-week high of $32.65. The company has a market cap of $4.95 billion, a price-to-earnings ratio of 14.01 and a beta of 0.56. The firm’s fifty day moving average is $25.24 and its 200 day moving average is $27.51. The company has a quick ratio of 0.99, a current ratio of 2.04 and a debt-to-equity ratio of 0.79.

Reynolds Consumer Products (NASDAQ:REYN) last announced its quarterly earnings results on Wednesday, February 5th. The company reported $0.58 EPS for the quarter, meeting analysts’ consensus estimates of $0.58. Reynolds Consumer Products had a net margin of 9.56% and a return on equity of 17.14%. Sell-side analysts forecast that Reynolds Consumer Products Inc. will post 1.66 EPS for the current fiscal year.

Reynolds Consumer Products Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend was Friday, February 14th. Reynolds Consumer Products’s dividend payout ratio is currently 54.76%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Canaccord Genuity Group cut their target price on Reynolds Consumer Products from $31.00 to $30.00 and set a “hold” rating for the company in a research report on Thursday, February 6th. UBS Group reduced their price objective on shares of Reynolds Consumer Products from $30.00 to $29.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Royal Bank of Canada restated a “sector perform” rating and set a $32.00 target price on shares of Reynolds Consumer Products in a research report on Monday, February 3rd. Stifel Nicolaus cut their target price on shares of Reynolds Consumer Products from $32.00 to $31.00 and set a “hold” rating for the company in a research note on Thursday, February 6th. Finally, Barclays decreased their price target on shares of Reynolds Consumer Products from $27.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 6th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Reynolds Consumer Products has an average rating of “Hold” and an average target price of $30.38.

Insider Activity

In other news, Director Rolf Stangl bought 6,000 shares of the stock in a transaction dated Monday, February 10th. The stock was purchased at an average price of $24.89 per share, for a total transaction of $149,340.00. Following the acquisition, the director now owns 16,889 shares of the company’s stock, valued at $420,367.21. The trade was a 55.10 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.15% of the company’s stock.

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.