Bridgewater Associates LP Reduces Stake in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Bridgewater Associates LP reduced its position in Reynolds Consumer Products Inc. (NASDAQ:REYN) by 52.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 36,155 shares of the company’s stock after selling 40,263 shares during the period. Bridgewater Associates LP’s holdings in Reynolds Consumer Products were worth $1,124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its stake in shares of Reynolds Consumer Products by 1.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 12,925,469 shares of the company’s stock worth $401,982,000 after buying an additional 137,083 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Reynolds Consumer Products by 48.6% in 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 period. Dimensional Fund Advisors LP raised its holdings in Reynolds Consumer Products by 17.2% in the 2nd 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. AQR Capital Management LLC raised its holdings in Reynolds Consumer Products by 122.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,557,835 shares of the company’s stock worth $43,588,000 after purchasing an additional 858,419 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Reynolds Consumer Products by 7.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,006,647 shares of the company’s stock worth $28,166,000 after purchasing an additional 66,826 shares during the period. 26.81% of the stock is currently owned by hedge funds and other institutional investors.

Reynolds Consumer Products Trading Up 0.2 %

Shares of REYN stock opened at $27.69 on Monday. Reynolds Consumer Products Inc. has a 12-month low of $26.07 and a 12-month high of $32.65. The company has a current ratio of 2.04, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. The stock’s 50-day moving average price is $28.97 and its 200-day moving average price is $29.06. The stock has a market capitalization of $5.82 billion, a price-to-earnings ratio of 15.82 and a beta of 0.50.

Reynolds Consumer Products (NASDAQ:REYN) last released its quarterly 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 company had revenue of $910.00 million during the quarter, compared to analysts’ expectations of $902.88 million. Reynolds Consumer Products had a return on equity of 18.27% and a net margin of 10.03%. The company’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.37 EPS. Equities research analysts predict that Reynolds Consumer Products Inc. will post 1.69 EPS for the current fiscal year.

Reynolds Consumer Products Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a $0.23 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.92 annualized dividend and a yield of 3.32%. Reynolds Consumer Products’s dividend payout ratio is currently 52.57%.

Wall Street Analysts Forecast Growth

REYN has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their target price on Reynolds Consumer Products from $29.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Royal Bank of Canada raised their price target on Reynolds Consumer Products from $31.00 to $32.00 and gave the company a “sector perform” rating in a report on Thursday, August 8th. Barclays decreased their price target on Reynolds Consumer Products from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Canaccord Genuity Group raised their price target on Reynolds Consumer Products from $30.00 to $32.00 and gave the company a “hold” rating in a report on Thursday, August 8th. Finally, Jefferies Financial Group assumed coverage on Reynolds Consumer Products in a report on Thursday, August 29th. They set a “buy” rating and a $38.00 price target on the stock. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Reynolds Consumer Products presently has a consensus rating of “Hold” and a consensus price target of $32.17.

Insider Buying and Selling

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

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.