Bank of New York Mellon Corp Reduces Position in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Bank of New York Mellon Corp cut its stake in shares of Reynolds Consumer Products Inc. (NASDAQ:REYNFree Report) by 1.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,191,079 shares of the company’s stock after selling 20,726 shares during the quarter. Bank of New York Mellon Corp owned about 0.57% of Reynolds Consumer Products worth $28,419,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Quarry LP lifted its position in Reynolds Consumer Products by 187.0% during the fourth quarter. Quarry LP now owns 2,531 shares of the company’s stock valued at $68,000 after purchasing an additional 1,649 shares during the period. Versant Capital Management Inc raised its position in shares of Reynolds Consumer Products by 38.1% in the first quarter. Versant Capital Management Inc now owns 2,543 shares of the company’s stock worth $61,000 after acquiring an additional 701 shares during the period. Farther Finance Advisors LLC raised its position in shares of Reynolds Consumer Products by 667.1% in the fourth quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company’s stock worth $70,000 after acquiring an additional 2,248 shares during the period. New Age Alpha Advisors LLC acquired a new position in shares of Reynolds Consumer Products in the fourth quarter worth about $165,000. Finally, Deutsche Bank AG raised its position in shares of Reynolds Consumer Products by 35.8% in the fourth quarter. Deutsche Bank AG now owns 7,247 shares of the company’s stock worth $196,000 after acquiring an additional 1,910 shares during the period. 26.81% of the stock is owned by hedge funds and other institutional investors.

Reynolds Consumer Products Stock Up 1.6%

REYN stock opened at $21.83 on Thursday. The company has a market cap of $4.59 billion, a price-to-earnings ratio of 13.64 and a beta of 0.57. The company has a current ratio of 1.80, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. Reynolds Consumer Products Inc. has a 12 month low of $20.91 and a 12 month high of $32.65. The firm has a 50-day moving average of $21.96 and a two-hundred day moving average of $23.78.

Reynolds Consumer Products (NASDAQ:REYNGet Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.23 EPS for the quarter, meeting analysts’ consensus estimates of $0.23. The company had revenue of $801.00 million during the quarter, compared to the consensus estimate of $821.99 million. Reynolds Consumer Products had a net margin of 9.11% and a return on equity of 16.87%. Reynolds Consumer Products’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 EPS. As a group, analysts forecast that Reynolds Consumer Products Inc. will post 1.66 earnings per share for the current fiscal year.

Reynolds Consumer Products Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were issued a dividend of $0.23 per share. The ex-dividend date was Friday, May 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.21%. Reynolds Consumer Products’s dividend payout ratio is currently 57.50%.

Analyst Ratings Changes

A number of brokerages have weighed in on REYN. Barclays decreased their price objective on shares of Reynolds Consumer Products from $22.00 to $21.00 and set an “equal weight” rating for the company in a research report on Tuesday. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $30.00 price objective on shares of Reynolds Consumer Products in a report on Monday, April 28th. UBS Group lowered their price objective on Reynolds Consumer Products from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Stifel Nicolaus lowered their price objective on Reynolds Consumer Products from $31.00 to $27.00 and set a “hold” rating on the stock in a report on Thursday, April 10th. Finally, Canaccord Genuity Group lowered their price objective on Reynolds Consumer Products from $27.00 to $26.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Reynolds Consumer Products has an average rating of “Hold” and an average price target of $27.89.

Read Our Latest Stock Analysis on Reynolds Consumer Products

Insider Buying and Selling

In other news, CAO Chris Mayrhofer purchased 5,048 shares of the business’s stock in a transaction dated Friday, May 30th. The stock was acquired at an average price of $21.99 per share, for a total transaction of $111,005.52. Following the acquisition, the chief accounting officer directly owned 23,266 shares of the company’s stock, valued at approximately $511,619.34. This represents a 27.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rolf Stangl purchased 4,500 shares of the business’s stock in a transaction dated Friday, June 20th. The shares were purchased at an average price of $21.24 per share, with a total value of $95,580.00. Following the acquisition, the director directly owned 30,889 shares in the company, valued at approximately $656,082.36. The trade was a 17.05% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 34,766 shares of company stock valued at $765,632 in the last 90 days. Insiders own 0.15% of the company’s stock.

About Reynolds Consumer Products

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Reynolds Consumer Products (NASDAQ:REYN)

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