Cubist Systematic Strategies LLC Sells 22,313 Shares of Reynolds Consumer Products Inc. (NASDAQ:REYN)

Cubist Systematic Strategies LLC reduced its position in shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) by 5.2% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 410,412 shares of the company’s stock after selling 22,313 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Reynolds Consumer Products were worth $11,483,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its stake in shares of Reynolds Consumer Products by 48.6% during the 2nd quarter. Pacer Advisors Inc. now owns 3,890,109 shares of the company’s stock worth $108,845,000 after purchasing an additional 1,272,353 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Reynolds Consumer Products by 17.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,781,815 shares of the company’s stock worth $49,859,000 after purchasing an additional 261,513 shares during the period. Norges Bank bought a new position in Reynolds Consumer Products during the fourth quarter worth about $6,924,000. Acadian Asset Management LLC increased its position in Reynolds Consumer Products by 994.7% during the first quarter. Acadian Asset Management LLC now owns 212,694 shares of the company’s stock worth $6,068,000 after buying an additional 193,265 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in 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 buying an additional 190,431 shares during the period. 26.81% of the stock is owned by institutional investors.

Reynolds Consumer Products Price Performance

NASDAQ:REYN opened at $30.72 on Thursday. Reynolds Consumer Products Inc. has a 52 week low of $24.80 and a 52 week high of $32.65. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.01 and a current ratio of 2.13. The firm’s 50-day simple moving average is $30.09 and its 200 day simple moving average is $28.94. The firm has a market cap of $6.46 billion, a price-to-earnings ratio of 19.57 and a beta of 0.48.

Reynolds Consumer Products (NASDAQ:REYN) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. The company had revenue of $930.00 million during 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 firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 earnings per share. As a group, sell-side analysts predict that Reynolds Consumer Products Inc. will post 1.69 earnings per share for the current year.

Reynolds Consumer Products Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Friday, August 16th. Reynolds Consumer Products’s dividend payout ratio (DPR) is currently 58.60%.

Analysts Set New Price Targets

Several research analysts have recently commented on REYN shares. Jefferies Financial Group started coverage on Reynolds Consumer Products in a research note on Thursday, August 29th. They set a “buy” rating and a $38.00 target price for the company. Canaccord Genuity Group lifted their price objective on shares of Reynolds Consumer Products from $30.00 to $32.00 and gave the stock a “hold” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. increased their price objective 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. Barclays raised their target price on shares of Reynolds Consumer Products from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 8th. Finally, Royal Bank of Canada upped 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 note on Thursday, August 8th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, Reynolds Consumer Products presently has an average rating of “Hold” and a consensus price target of $32.00.

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.