Cornercap Investment Counsel Inc. Reduces Position in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Cornercap Investment Counsel Inc. cut its stake in shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) by 48.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,978 shares of the company’s stock after selling 8,448 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Reynolds Consumer Products were worth $279,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Reynolds Consumer Products by 0.5% during the first quarter. Vanguard Group Inc. now owns 5,663,147 shares of the company’s stock valued at $161,739,000 after buying an additional 29,838 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of Reynolds Consumer Products by 994.7% during the first quarter. Acadian Asset Management LLC now owns 212,694 shares of the company’s stock valued at $6,068,000 after buying an additional 193,265 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Reynolds Consumer Products during the second quarter valued at $695,000. Bank of New York Mellon Corp grew its holdings in shares of Reynolds Consumer Products by 7.1% during the second quarter. Bank of New York Mellon Corp now owns 1,006,647 shares of the company’s stock valued at $28,166,000 after buying an additional 66,826 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Reynolds Consumer Products by 18.5% during the second quarter. Sei Investments Co. now owns 612,775 shares of the company’s stock valued at $17,146,000 after buying an additional 95,469 shares during the last quarter. 26.81% of the stock is owned by hedge funds and other institutional investors.

Reynolds Consumer Products Trading Down 1.9 %

Shares of Reynolds Consumer Products stock opened at $27.23 on Monday. The firm has a 50-day simple moving average of $29.79 and a two-hundred day simple moving average of $29.14. The company has a market cap of $5.72 billion, a P/E ratio of 15.56 and a beta of 0.50. Reynolds Consumer Products Inc. has a fifty-two week low of $25.80 and a fifty-two week high of $32.65. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.89 and a current ratio of 2.04.

Reynolds Consumer Products (NASDAQ:REYN) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 10.03% and a return on equity of 18.27%. The company’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.37 earnings per share. As a group, equities analysts predict that Reynolds Consumer Products Inc. will post 1.69 earnings per share for the current fiscal year.

Reynolds Consumer Products Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Friday, November 15th. Reynolds Consumer Products’s dividend payout ratio is presently 52.57%.

Insider Activity at Reynolds Consumer Products

In other Reynolds Consumer Products news, Director Rolf Stangl bought 7,207 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were acquired at an average cost of $27.25 per share, with a total value of $196,390.75. Following the purchase, the director now directly owns 7,207 shares of the company’s stock, valued at $196,390.75. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on REYN shares. Jefferies Financial Group started coverage on shares of Reynolds Consumer Products in a report on Thursday, August 29th. They issued a “buy” rating and a $38.00 price target on the stock. Barclays lowered their price target on shares of 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. 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 report on Thursday, August 8th. Canaccord Genuity Group upped their price target 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. Finally, JPMorgan Chase & Co. upped their price target 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. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Reynolds Consumer Products has a consensus rating of “Hold” and a consensus price target of $32.17.

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.