Bank of New York Mellon Corp Acquires 66,826 Shares of Reynolds Consumer Products Inc. (NASDAQ:REYN)

Bank of New York Mellon Corp grew its holdings in shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) by 7.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,006,647 shares of the company’s stock after purchasing an additional 66,826 shares during the quarter. Bank of New York Mellon Corp’s holdings in Reynolds Consumer Products were worth $28,166,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in shares of Reynolds Consumer Products by 1.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,081,988 shares of the company’s stock valued at $373,622,000 after acquiring an additional 190,431 shares during the period. Vanguard Group Inc. boosted its position in shares of Reynolds Consumer Products by 0.5% in the first quarter. Vanguard Group Inc. now owns 5,663,147 shares of the company’s stock valued at $161,739,000 after acquiring an additional 29,838 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Reynolds Consumer Products by 23.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,157,528 shares of the company’s stock valued at $31,069,000 after acquiring an additional 218,864 shares during the period. TD Asset Management Inc boosted its position in shares of Reynolds Consumer Products by 4.6% in the fourth quarter. TD Asset Management Inc now owns 560,200 shares of the company’s stock valued at $15,036,000 after acquiring an additional 24,800 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Reynolds Consumer Products by 10.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 536,320 shares of the company’s stock valued at $14,395,000 after acquiring an additional 50,425 shares during the period. Institutional investors own 26.81% of the company’s stock.

Reynolds Consumer Products Trading Up 2.2 %

REYN stock opened at $32.18 on Thursday. The company has a market capitalization of $6.76 billion, a PE ratio of 20.50 and a beta of 0.48. Reynolds Consumer Products Inc. has a one year low of $24.80 and a one year high of $32.28. The company’s 50 day moving average price is $28.83 and its two-hundred day moving average price is $28.70. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.01 and a current ratio of 2.13.

Reynolds Consumer Products (NASDAQ:REYN) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.44 by $0.02. The firm had revenue of $930.00 million for the quarter, compared to the consensus estimate of $890.71 million. Reynolds Consumer Products had a net margin of 9.74% and a return on equity of 18.27%. The business’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the firm posted $0.32 earnings per share. As a group, analysts predict that Reynolds Consumer Products Inc. will post 1.69 earnings per share for the current fiscal year.

Reynolds Consumer Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend was Friday, August 16th. Reynolds Consumer Products’s payout ratio is 58.60%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Reynolds Consumer Products in a research report on Thursday, August 29th. They set a “buy” rating and a $38.00 target price for the company. Canaccord Genuity Group lifted their target price on shares of Reynolds Consumer Products from $30.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, August 8th. Barclays lifted their target price on shares of Reynolds Consumer Products from $28.00 to $29.00 and gave the company an “equal weight” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. lifted their target price on shares of Reynolds Consumer Products from $29.00 to $33.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Finally, Royal Bank of Canada lifted their target price 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. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Reynolds Consumer Products currently has an average rating of “Hold” and a consensus price target of $32.00.

Reynolds Consumer Products Company 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.