Martingale Asset Management L P Buys 5,276 Shares of Reynolds Consumer Products Inc. (NASDAQ:REYN)

Martingale Asset Management L P grew its stake in shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) by 7.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 75,475 shares of the company’s stock after purchasing an additional 5,276 shares during the quarter. Martingale Asset Management L P’s holdings in Reynolds Consumer Products were worth $2,347,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in REYN. GAMMA Investing LLC lifted its stake in Reynolds Consumer Products by 510.2% in the second quarter. GAMMA Investing LLC now owns 958 shares of the company’s stock valued at $27,000 after acquiring an additional 801 shares during the last quarter. Versant Capital Management Inc acquired a new stake in Reynolds Consumer Products in the 2nd quarter valued at about $39,000. Abich Financial Wealth Management LLC bought a new position in Reynolds Consumer Products during the second quarter worth about $54,000. Capital Performance Advisors LLP acquired a new position in Reynolds Consumer Products during the third quarter worth approximately $70,000. Finally, Venturi Wealth Management LLC raised its stake in Reynolds Consumer Products by 93.7% in the third quarter. Venturi Wealth Management LLC now owns 2,561 shares of the company’s stock valued at $80,000 after buying an additional 1,239 shares during the period. 26.81% of the stock is owned by institutional investors.

Analyst Ratings Changes

REYN has been the topic of a number of recent analyst reports. Barclays decreased their target price on Reynolds Consumer Products from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Jefferies Financial Group began coverage on shares of Reynolds Consumer Products in a research note on Thursday, August 29th. They set a “buy” rating and a $38.00 target price for the company. Canaccord Genuity Group upped their price target on shares of Reynolds Consumer Products from $30.00 to $32.00 and gave the company a “hold” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. increased their price target on shares of Reynolds Consumer Products from $29.00 to $33.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Finally, Royal Bank of Canada boosted their price objective 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 equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.17.

Reynolds Consumer Products Price Performance

Shares of Reynolds Consumer Products stock opened at $27.69 on Friday. 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 market capitalization of $5.82 billion, a price-to-earnings ratio of 15.82 and a beta of 0.50. Reynolds Consumer Products Inc. has a twelve month low of $26.07 and a twelve month high of $32.65. The company has a 50-day simple moving average of $28.97 and a two-hundred day simple moving average of $29.06.

Reynolds Consumer Products (NASDAQ:REYN) last released its quarterly earnings results 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). The business had revenue of $910.00 million during the quarter, compared to analyst estimates of $902.88 million. Reynolds Consumer Products had a net margin of 10.03% and a return on equity of 18.27%. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.37 earnings per share. Analysts forecast that Reynolds Consumer Products Inc. will post 1.69 EPS for the current year.

Reynolds Consumer Products Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.32%. The ex-dividend date was Friday, November 15th. Reynolds Consumer Products’s dividend payout ratio (DPR) is currently 52.57%.

Insider Buying and Selling

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

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.