Bank of New York Mellon Corp Purchases 66,826 Shares of Reynolds Consumer Products Inc. (NASDAQ:REYN)

Bank of New York Mellon Corp lifted its holdings in Reynolds Consumer Products Inc. (NASDAQ:REYN - Free Report) by 7.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,006,647 shares of the company's stock after acquiring an additional 66,826 shares during the period. Bank of New York Mellon Corp owned approximately 0.48% of Reynolds Consumer Products worth $28,166,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in REYN. GAMMA Investing LLC grew its holdings in Reynolds Consumer Products by 510.2% in the second quarter. GAMMA Investing LLC now owns 958 shares of the company's stock worth $27,000 after purchasing an additional 801 shares during the period. Versant Capital Management Inc acquired a new stake in shares of Reynolds Consumer Products in the 2nd quarter valued at about $39,000. Quadrant Capital Group LLC increased its position 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 buying an additional 960 shares in the last quarter. Principal Securities Inc. acquired a new position in Reynolds Consumer Products during the 4th quarter worth approximately $61,000. Finally, Parallel Advisors LLC boosted its holdings in Reynolds Consumer Products by 26.9% in the fourth quarter. Parallel Advisors LLC now owns 2,288 shares of the company's stock worth $61,000 after acquiring an additional 485 shares in the last quarter. 26.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

REYN has been the subject of a number of recent research reports. Barclays boosted their price target on shares of Reynolds Consumer Products from $28.00 to $29.00 and gave the company an "equal weight" rating in a research note on Thursday, August 8th. Canaccord Genuity Group raised their target price on 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 upped their price target on Reynolds Consumer Products from $31.00 to $32.00 and gave the stock a "sector perform" rating in a report on Thursday, August 8th. Jefferies Financial Group began coverage on Reynolds Consumer Products in a research note on Thursday, August 29th. They set a "buy" rating and a $38.00 price objective on the stock. Finally, JPMorgan Chase & Co. lifted their price objective 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. Six 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 presently has an average rating of "Hold" and an average price target of $32.00.

Reynolds Consumer Products Stock Performance

Shares of REYN stock traded up $0.32 on Thursday, hitting $32.50. 429,523 shares of the stock were exchanged, compared to its average volume of 529,669. The company has a current ratio of 2.13, a quick ratio of 1.01 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $6.83 billion, a PE ratio of 20.49 and a beta of 0.48. Reynolds Consumer Products Inc. has a one year low of $24.80 and a one year high of $32.50. The firm's 50 day moving average is $28.83 and its two-hundred day moving average is $28.70.

Reynolds Consumer Products (NASDAQ:REYN - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.46 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $930.00 million for the quarter, compared to analysts' expectations of $890.71 million. During the same period in the prior year, the company posted $0.32 EPS. Reynolds Consumer Products's revenue was down 1.1% compared to the same quarter last year. Sell-side analysts expect that Reynolds Consumer Products Inc. will post 1.69 earnings per share for the current fiscal year.

Reynolds Consumer Products Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date was Friday, August 16th. Reynolds Consumer Products's payout ratio is currently 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.