Norges Bank Takes Position in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Norges Bank purchased a new stake in Reynolds Consumer Products Inc. (NASDAQ:REYN - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 665,566 shares of the company's stock, valued at approximately $17,964,000. Norges Bank owned about 0.32% of Reynolds Consumer Products at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. raised its holdings in Reynolds Consumer Products by 4.4% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 13,432 shares of the company's stock worth $363,000 after acquiring an additional 566 shares in the last quarter. Barclays PLC raised its stake in shares of Reynolds Consumer Products by 173.9% during the 3rd quarter. Barclays PLC now owns 63,121 shares of the company's stock worth $1,963,000 after purchasing an additional 40,075 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Reynolds Consumer Products in the 3rd quarter valued at approximately $4,397,000. Proficio Capital Partners LLC acquired a new stake in shares of Reynolds Consumer Products in the 4th quarter valued at approximately $424,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Reynolds Consumer Products by 3.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 591,906 shares of the company's stock valued at $15,976,000 after buying an additional 19,044 shares in the last quarter. 26.81% of the stock is owned by institutional investors.

Insider Activity at Reynolds Consumer Products

In related news, Director Rolf Stangl acquired 6,000 shares of the company's stock in a transaction that occurred on Monday, February 10th. The stock was acquired at an average price of $24.89 per share, with a total value of $149,340.00. Following the purchase, the director now directly owns 16,889 shares in the company, valued at approximately $420,367.21. This trade represents a 55.10 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have issued reports on REYN. UBS Group dropped their price target on shares of Reynolds Consumer Products from $30.00 to $29.00 and set a "neutral" rating on the stock in a research report on Thursday, January 16th. Stifel Nicolaus dropped their target price on shares of Reynolds Consumer Products from $31.00 to $27.00 and set a "hold" rating on the stock in a report on Thursday. Royal Bank of Canada reiterated a "sector perform" rating and set a $32.00 price target on shares of Reynolds Consumer Products in a report on Monday, February 3rd. Evercore ISI lowered 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. Finally, Canaccord Genuity Group decreased their target price on Reynolds Consumer Products from $31.00 to $30.00 and set a "hold" rating on the stock in a report on Thursday, February 6th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Reynolds Consumer Products has a consensus rating of "Hold" and an average price target of $29.38.

Reynolds Consumer Products Stock Performance

Shares of REYN traded up $0.62 during midday trading on Friday, reaching $23.90. 777,464 shares of the stock were exchanged, compared to its average volume of 601,052. The company has a quick ratio of 0.99, a current ratio of 2.04 and a debt-to-equity ratio of 0.79. The stock's 50 day simple moving average is $23.99 and its 200 day simple moving average is $26.66. Reynolds Consumer Products Inc. has a twelve month low of $21.90 and a twelve month high of $32.65. The company has a market cap of $5.03 billion, a P/E ratio of 14.23 and a beta of 0.64.

Reynolds Consumer Products (NASDAQ:REYN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The company reported $0.58 EPS for the quarter, hitting analysts' consensus estimates of $0.58. Reynolds Consumer Products had a return on equity of 17.14% and a net margin of 9.56%. On average, sell-side analysts expect that Reynolds Consumer Products Inc. will post 1.66 earnings per share for the current year.

Reynolds Consumer Products Announces Dividend

The firm 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 annualized dividend and a dividend yield of 3.85%. Reynolds Consumer Products's dividend payout ratio is currently 54.76%.

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.