Bank of America Corp DE Has $9.65 Million Stock Position in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Bank of America Corp DE decreased its stake in Reynolds Consumer Products Inc. (NASDAQ:REYN) by 34.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 357,687 shares of the company’s stock after selling 184,993 shares during the period. Bank of America Corp DE owned approximately 0.17% of Reynolds Consumer Products worth $9,654,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. BNP Paribas Financial Markets acquired a new stake in shares of Reynolds Consumer Products in the fourth quarter worth $1,605,000. Ameriprise Financial Inc. boosted its stake in Reynolds Consumer Products by 214.8% during the fourth quarter. Ameriprise Financial Inc. now owns 20,870 shares of the company’s stock worth $563,000 after buying an additional 14,241 shares in the last quarter. Ariel Investments LLC boosted its stake in Reynolds Consumer Products by 6.1% during the fourth quarter. Ariel Investments LLC now owns 7,446 shares of the company’s stock worth $201,000 after buying an additional 426 shares in the last quarter. Northern Trust Corp boosted its stake in Reynolds Consumer Products by 49.1% during the fourth quarter. Northern Trust Corp now owns 350,398 shares of the company’s stock worth $9,457,000 after buying an additional 115,399 shares in the last quarter. Finally, Quarry LP boosted its stake in Reynolds Consumer Products by 187.0% during the fourth quarter. Quarry LP now owns 2,531 shares of the company’s stock worth $68,000 after buying an additional 1,649 shares in the last quarter. Institutional investors and hedge funds own 26.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Evercore ISI decreased their price target on shares of Reynolds Consumer Products from $33.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, February 6th. UBS Group decreased their price target on shares of Reynolds Consumer Products from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, May 1st. Truist Financial decreased their price target on shares of Reynolds Consumer Products from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $30.00 price objective on shares of Reynolds Consumer Products in a report on Monday, April 28th. Finally, Barclays cut their price objective on Reynolds Consumer Products from $27.00 to $25.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Reynolds Consumer Products currently has an average rating of “Hold” and an average price target of $28.33.

Insider Activity at Reynolds Consumer Products

In other news, Director Rolf Stangl acquired 2,500 shares of the company’s stock in a transaction on Tuesday, May 6th. The stock was purchased at an average cost of $23.22 per share, with a total value of $58,050.00. Following the acquisition, the director now owns 19,389 shares of the company’s stock, valued at $450,212.58. This trade represents a 14.80% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.15% of the stock is currently owned by company insiders.

Reynolds Consumer Products Stock Down 0.7%

Shares of NASDAQ REYN opened at $21.98 on Friday. The stock has a market cap of $4.62 billion, a PE ratio of 13.08 and a beta of 0.61. The business has a fifty day moving average of $23.33 and a two-hundred day moving average of $25.35. Reynolds Consumer Products Inc. has a 52-week low of $21.63 and a 52-week 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.

Reynolds Consumer Products (NASDAQ:REYN) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.23. Reynolds Consumer Products had a return on equity of 17.14% and a net margin of 9.56%. The business had revenue of $801.00 million during the quarter, compared to analysts’ expectations of $821.99 million. During the same period in the previous year, the business posted $0.23 earnings per share. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, equities research analysts expect that Reynolds Consumer Products Inc. will post 1.66 earnings per share for the current fiscal year.

Reynolds Consumer Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be issued a $0.23 dividend. The ex-dividend date is Friday, May 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.19%. Reynolds Consumer Products’s dividend payout ratio is 57.50%.

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.