Summit Global Investments Purchases New Position in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Summit Global Investments acquired a new position in Reynolds Consumer Products Inc. (NASDAQ:REYN) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 11,043 shares of the company’s stock, valued at approximately $298,000.

Other large investors have also bought and sold shares of the company. True Wealth Design LLC bought a new position in shares of Reynolds Consumer Products in the 3rd quarter worth approximately $29,000. Blue Trust Inc. grew its stake in Reynolds Consumer Products by 115.2% in the fourth quarter. Blue Trust Inc. now owns 1,304 shares of the company’s stock worth $35,000 after purchasing an additional 698 shares during the period. Eagle Bay Advisors LLC bought a new position in Reynolds Consumer Products in the fourth quarter worth $40,000. Farther Finance Advisors LLC lifted its position in Reynolds Consumer Products by 667.1% during the fourth quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company’s stock valued at $70,000 after buying an additional 2,248 shares during the period. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Reynolds Consumer Products during the 3rd quarter valued at $90,000. 26.81% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Rolf Stangl acquired 6,000 shares of Reynolds Consumer Products stock in a transaction that occurred on Monday, February 10th. The stock was bought at an average price of $24.89 per share, for a total transaction of $149,340.00. Following the completion of the transaction, the director now owns 16,889 shares in the company, valued at $420,367.21. The trade was a 55.10 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

REYN has been the subject of several research reports. Barclays decreased their price target on shares of Reynolds Consumer Products from $27.00 to $25.00 and set an “equal weight” rating for the company in a research note on Thursday, February 6th. Canaccord Genuity Group decreased their target price on shares of Reynolds Consumer Products from $31.00 to $30.00 and set a “hold” rating for the company in a research note on Thursday, February 6th. Evercore ISI dropped their price target on Reynolds Consumer Products from $33.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, February 6th. JPMorgan Chase & Co. reduced their price objective on Reynolds Consumer Products from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Finally, UBS Group lowered their price objective on Reynolds Consumer Products from $30.00 to $29.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $30.38.

Reynolds Consumer Products Stock Performance

Shares of REYN opened at $23.54 on Tuesday. The company has a market cap of $4.95 billion, a price-to-earnings ratio of 14.01 and a beta of 0.56. The business’s fifty day simple moving average is $25.24 and its two-hundred day simple moving average is $27.51. Reynolds Consumer Products Inc. has a 12 month low of $23.13 and a 12 month high of $32.65. The company has a current ratio of 2.04, a quick ratio of 0.99 and a debt-to-equity ratio of 0.79.

Reynolds Consumer Products (NASDAQ:REYN) last released its quarterly earnings data on Wednesday, February 5th. The company reported $0.58 EPS for the quarter, hitting the consensus estimate of $0.58. Reynolds Consumer Products had a return on equity of 17.14% and a net margin of 9.56%. Research analysts anticipate that Reynolds Consumer Products Inc. will post 1.66 earnings per share for the current fiscal year.

Reynolds Consumer Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were given a dividend of $0.23 per share. The ex-dividend date was Friday, February 14th. This represents a $0.92 dividend on an annualized basis and a yield of 3.91%. Reynolds Consumer Products’s dividend payout ratio (DPR) is 54.76%.

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.