Rhumbline Advisers Raises Position in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Rhumbline Advisers boosted its stake in Reynolds Consumer Products Inc. (NASDAQ:REYN) by 18.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,147 shares of the company’s stock after buying an additional 10,987 shares during the quarter. Rhumbline Advisers’ holdings in Reynolds Consumer Products were worth $1,935,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. nVerses Capital LLC acquired a new stake in Reynolds Consumer Products in the 2nd quarter valued at about $90,000. Signaturefd LLC raised its holdings in Reynolds Consumer Products by 13.0% in the 2nd quarter. Signaturefd LLC now owns 5,287 shares of the company’s stock valued at $148,000 after acquiring an additional 608 shares during the last quarter. Crossmark Global Holdings Inc. raised its holdings in Reynolds Consumer Products by 4.7% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 12,181 shares of the company’s stock valued at $341,000 after acquiring an additional 550 shares during the last quarter. Panagora Asset Management Inc. raised its holdings in Reynolds Consumer Products by 69.4% in the 2nd quarter. Panagora Asset Management Inc. now owns 43,074 shares of the company’s stock valued at $1,205,000 after acquiring an additional 17,650 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. raised its holdings in Reynolds Consumer Products by 0.9% in the 2nd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 134,580 shares of the company’s stock valued at $3,766,000 after acquiring an additional 1,200 shares during the last quarter. 26.81% of the stock is owned by hedge funds and other institutional investors.

Reynolds Consumer Products Stock Up 2.7 %

Reynolds Consumer Products stock opened at $32.17 on Friday. 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 debt-to-equity ratio of 0.87, a quick ratio of 1.01 and a current ratio of 2.13. The firm has a 50 day moving average price of $29.93 and a 200 day moving average price of $28.92. The company has a market capitalization of $6.76 billion, a PE ratio of 20.49 and a beta of 0.48.

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

Reynolds Consumer Products Dividend Announcement

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

Analyst Ratings Changes

A number of analysts have commented on the stock. Canaccord Genuity Group increased their price objective on shares of Reynolds Consumer Products from $30.00 to $32.00 and gave the company a “hold” rating in a report on Thursday, August 8th. Royal Bank of Canada raised their price target on shares of Reynolds Consumer Products from $31.00 to $32.00 and gave the stock a “sector perform” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. raised their price target on shares of Reynolds Consumer Products from $29.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Barclays raised their price target on shares of Reynolds Consumer Products from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Thursday, August 8th. Finally, Jefferies Financial Group initiated coverage on shares of Reynolds Consumer Products in a report on Thursday, August 29th. They set a “buy” rating and a $38.00 price target for the company. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Reynolds Consumer Products has an average rating of “Hold” and an average price target of $32.00.

About Reynolds Consumer Products

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.