The Manufacturers Life Insurance Company Cuts Stock Position in Reynolds Consumer Products Inc. (NASDAQ:REYN)

The Manufacturers Life Insurance Company reduced its position in shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) by 4.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 455,449 shares of the company’s stock after selling 20,554 shares during the period. The Manufacturers Life Insurance Company owned 0.22% of Reynolds Consumer Products worth $12,743,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in REYN. Park Avenue Securities LLC increased its stake in Reynolds Consumer Products by 2.8% during the first quarter. Park Avenue Securities LLC now owns 12,959 shares of the company’s stock worth $370,000 after acquiring an additional 359 shares during the last quarter. Ariel Investments LLC increased its holdings in shares of Reynolds Consumer Products by 7.0% in the 1st quarter. Ariel Investments LLC now owns 7,136 shares of the company’s stock valued at $204,000 after acquiring an additional 466 shares during the last quarter. Covestor Ltd raised its holdings in Reynolds Consumer Products by 15.8% during the first quarter. Covestor Ltd now owns 3,520 shares of the company’s stock worth $101,000 after purchasing an additional 480 shares in the last quarter. Parallel Advisors LLC raised its stake in Reynolds Consumer Products by 26.9% during the 4th quarter. Parallel Advisors LLC now owns 2,288 shares of the company’s stock worth $61,000 after acquiring an additional 485 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in shares of Reynolds Consumer Products by 4.7% during the second quarter. Crossmark Global Holdings Inc. now owns 12,181 shares of the company’s stock worth $341,000 after purchasing an additional 550 shares in the last quarter. 26.81% of the stock is owned by institutional investors and hedge funds.

Reynolds Consumer Products Trading Down 2.2 %

Shares of REYN opened at $30.14 on Thursday. Reynolds Consumer Products Inc. has a fifty-two week low of $24.80 and a fifty-two week high of $32.65. The company has a market capitalization of $6.33 billion, a PE ratio of 19.20 and a beta of 0.48. The stock has a fifty day moving average of $30.54 and a two-hundred day moving average of $29.03. 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 issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. The firm had revenue of $930.00 million for the quarter, compared to analyst estimates of $890.71 million. Reynolds Consumer Products had a return on equity of 18.27% and a net margin of 9.74%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the company earned $0.32 EPS. As a group, analysts forecast that Reynolds Consumer Products Inc. will post 1.69 EPS for the current year.

Reynolds Consumer Products Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a dividend of $0.23 per share. The ex-dividend date was Friday, August 16th. This represents a $0.92 annualized dividend and a dividend yield of 3.05%. Reynolds Consumer Products’s dividend payout ratio is presently 58.60%.

Analyst Upgrades and Downgrades

REYN has been the subject of a number of research reports. JPMorgan Chase & Co. upped their target price on shares of Reynolds Consumer Products from $29.00 to $33.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Barclays lifted their price target on 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. Jefferies Financial Group assumed coverage on shares of Reynolds Consumer Products in a research note on Thursday, August 29th. They issued a “buy” rating and a $38.00 price objective on the stock. Canaccord Genuity Group lifted their target price 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. Finally, Royal Bank of Canada increased 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 report on Thursday, August 8th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Reynolds Consumer Products has a consensus rating of “Hold” and a consensus price target of $32.33.

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.