Panagora Asset Management Inc. Grows Holdings in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Panagora Asset Management Inc. increased its holdings in Reynolds Consumer Products Inc. (NASDAQ:REYN - Free Report) by 69.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 43,074 shares of the company's stock after acquiring an additional 17,650 shares during the quarter. Panagora Asset Management Inc.'s holdings in Reynolds Consumer Products were worth $1,205,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of Reynolds Consumer Products by 510.2% during the 2nd quarter. GAMMA Investing LLC now owns 958 shares of the company's stock worth $27,000 after acquiring an additional 801 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in Reynolds Consumer Products in the 1st quarter valued at about $35,000. Versant Capital Management Inc acquired a new stake in shares of Reynolds Consumer Products during the second quarter valued at about $39,000. Quadrant Capital Group LLC increased its holdings in Reynolds Consumer Products by 97.2% in the 4th quarter. Quadrant Capital Group LLC now owns 1,948 shares of the company's stock valued at $52,000 after purchasing an additional 960 shares during the last quarter. Finally, Principal Securities Inc. purchased a new stake in shares of Reynolds Consumer Products in the 4th quarter valued at $61,000. 26.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Reynolds Consumer Products Stock Down 0.7 %

Shares of NASDAQ REYN traded down $0.23 on Monday, hitting $31.50. The company had a trading volume of 516,500 shares, compared to its average volume of 528,933. The company has a quick ratio of 1.01, a current ratio of 2.13 and a debt-to-equity ratio of 0.87. Reynolds Consumer Products Inc. has a 12-month low of $24.80 and a 12-month high of $31.82. The business has a 50 day moving average of $28.70 and a two-hundred day moving average of $28.66. The firm has a market capitalization of $6.62 billion, a P/E ratio of 20.06 and a beta of 0.47.

Reynolds Consumer Products (NASDAQ:REYN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.02. The business had revenue of $930.00 million during the quarter, compared to the consensus estimate of $890.71 million. Reynolds Consumer Products had a return on equity of 18.27% and a net margin of 9.74%. The company's revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the firm earned $0.32 earnings per share. As a group, equities research analysts forecast 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 disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.92%. The ex-dividend date of this dividend was Friday, August 16th. Reynolds Consumer Products's dividend payout ratio (DPR) is presently 58.60%.

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.