Summit Global Investments Invests $298,000 in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Summit Global Investments purchased a new position in Reynolds Consumer Products Inc. (NASDAQ:REYN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 11,043 shares of the company's stock, valued at approximately $298,000.

Other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its stake in shares of Reynolds Consumer Products by 1.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,107,822 shares of the company's stock valued at $351,564,000 after acquiring an additional 182,353 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Reynolds Consumer Products by 13.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,211,805 shares of the company's stock worth $32,707,000 after purchasing an additional 139,576 shares during the period. Charles Schwab Investment Management Inc. grew its position in Reynolds Consumer Products by 3.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 591,906 shares of the company's stock valued at $15,976,000 after purchasing an additional 19,044 shares during the period. Verition Fund Management LLC acquired a new position in Reynolds Consumer Products during the third quarter worth $12,844,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Reynolds Consumer Products by 19.3% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 334,535 shares of the company's stock valued at $9,029,000 after buying an additional 54,203 shares in the last quarter. 26.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Reynolds Consumer Products

In other news, Director Rolf Stangl purchased 6,000 shares of the firm's stock in a transaction dated Monday, February 10th. The shares were purchased at an average price of $24.89 per share, with a total value of $149,340.00. Following the completion of the acquisition, the director now owns 16,889 shares in the company, valued at $420,367.21. This trade represents a 55.10 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.15% of the company's stock.

Reynolds Consumer Products Stock Performance

NASDAQ:REYN traded down $0.02 during trading hours on Friday, reaching $23.80. The stock had a trading volume of 489,496 shares, compared to its average volume of 581,748. Reynolds Consumer Products Inc. has a 12-month low of $23.13 and a 12-month high of $32.65. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.99 and a current ratio of 2.04. The stock has a 50 day simple moving average of $25.05 and a 200 day simple moving average of $27.39. The stock has a market cap of $5.01 billion, a P/E ratio of 14.17 and a beta of 0.56.

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

Reynolds Consumer Products Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.87%. The ex-dividend date was Friday, February 14th. Reynolds Consumer Products's dividend payout ratio is presently 54.76%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on REYN. Stifel Nicolaus lowered their price objective on Reynolds Consumer Products from $32.00 to $31.00 and set a "hold" rating for the company in a research note on Thursday, February 6th. Canaccord Genuity Group cut their price target on shares of Reynolds Consumer Products from $31.00 to $30.00 and set a "hold" rating on the stock in a report on Thursday, February 6th. UBS Group decreased their price objective on shares of 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. JPMorgan Chase & Co. reduced their target price on Reynolds Consumer Products from $30.00 to $28.00 and set a "neutral" rating for the company in a report on Thursday, January 16th. Finally, Barclays dropped their price target on Reynolds Consumer Products from $27.00 to $25.00 and set an "equal weight" rating on the stock in a report on Thursday, February 6th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Reynolds Consumer Products has an average rating of "Hold" and an average price target of $30.38.

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.