The Manufacturers Life Insurance Company Reduces Position in Reynolds Consumer Products Inc. (NASDAQ:REYN)

The Manufacturers Life Insurance Company decreased its position in Reynolds Consumer Products Inc. (NASDAQ:REYN - Free Report) by 41.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 267,664 shares of the company's stock after selling 187,785 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.13% of Reynolds Consumer Products worth $8,324,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. SG Americas Securities LLC purchased a new position in Reynolds Consumer Products in the 2nd quarter worth about $695,000. Sei Investments Co. boosted its stake in Reynolds Consumer Products by 18.5% in the 2nd quarter. Sei Investments Co. now owns 612,775 shares of the company's stock worth $17,146,000 after purchasing an additional 95,469 shares during the period. Bank of New York Mellon Corp boosted its stake in Reynolds Consumer Products by 7.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,006,647 shares of the company's stock worth $28,166,000 after purchasing an additional 66,826 shares during the period. Pacer Advisors Inc. boosted its stake in Reynolds Consumer Products by 48.6% in the 2nd quarter. Pacer Advisors Inc. now owns 3,890,109 shares of the company's stock worth $108,845,000 after purchasing an additional 1,272,353 shares during the period. Finally, Acadian Asset Management LLC boosted its position in shares of Reynolds Consumer Products by 62.5% during the 2nd quarter. Acadian Asset Management LLC now owns 345,696 shares of the company's stock valued at $9,662,000 after acquiring an additional 133,002 shares during the last quarter. Institutional investors own 26.81% of the company's stock.

Insider Activity at Reynolds Consumer Products

In other Reynolds Consumer Products news, Director Rolf Stangl acquired 7,207 shares of the company's stock in a transaction dated Friday, November 1st. The shares were acquired at an average price of $27.25 per share, for a total transaction of $196,390.75. Following the acquisition, the director now owns 7,207 shares in the company, valued at $196,390.75. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Helen Golding bought 1,190 shares of the firm's stock in a transaction that occurred on Thursday, November 14th. The stock was purchased at an average cost of $27.58 per share, with a total value of $32,820.20. Following the completion of the transaction, the director now owns 1,190 shares in the company, valued at approximately $32,820.20. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.20% of the company's stock.

Reynolds Consumer Products Price Performance

Shares of Reynolds Consumer Products stock traded down $0.03 on Wednesday, reaching $27.72. The company's stock had a trading volume of 425,463 shares, compared to its average volume of 573,927. The company has a quick ratio of 0.89, a current ratio of 2.04 and a debt-to-equity ratio of 0.84. The stock has a 50-day moving average price of $28.78 and a 200-day moving average price of $29.03. The company has a market capitalization of $5.83 billion, a P/E ratio of 15.84 and a beta of 0.50. Reynolds Consumer Products Inc. has a 52-week low of $26.16 and a 52-week high of $32.65.

Reynolds Consumer Products (NASDAQ:REYN - Get Free Report) last released its quarterly earnings data 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). Reynolds Consumer Products had a return on equity of 18.27% and a net margin of 10.03%. The company had revenue of $910.00 million for the quarter, compared to analyst estimates of $902.88 million. During the same period last year, the firm posted $0.37 EPS. The business's quarterly revenue was down 2.7% on a year-over-year basis. Analysts expect that Reynolds Consumer Products Inc. will post 1.69 EPS for the current year.

Reynolds Consumer Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.23 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.92 annualized dividend and a dividend yield of 3.32%. Reynolds Consumer Products's dividend payout ratio is presently 52.57%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on REYN shares. Canaccord Genuity Group increased their target price on Reynolds Consumer Products from $30.00 to $32.00 and gave the company a "hold" rating in a research report on Thursday, August 8th. Jefferies Financial Group started coverage on Reynolds Consumer Products in a research note on Thursday, August 29th. They issued a "buy" rating and a $38.00 target price on the stock. Barclays cut their price target on Reynolds Consumer Products from $29.00 to $28.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 31st. JPMorgan Chase & Co. raised their price objective on Reynolds Consumer Products from $29.00 to $33.00 and gave the company a "neutral" rating in a research report on Thursday, August 8th. Finally, Royal Bank of Canada raised 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. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price 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.