Reynolds Consumer Products Inc. (NASDAQ:REYN) Stake Lessened by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its position in shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) by 25.7% during the second quarter, Holdings Channel.com reports. The fund owned 67,705 shares of the company’s stock after selling 23,377 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Reynolds Consumer Products were worth $1,894,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in shares of Reynolds Consumer Products by 510.2% in the 2nd quarter. GAMMA Investing LLC now owns 958 shares of the company’s stock worth $27,000 after purchasing an additional 801 shares in the last quarter. Versant Capital Management Inc acquired a new stake in Reynolds Consumer Products during the 2nd quarter worth about $39,000. Quadrant Capital Group LLC increased its position in shares of Reynolds Consumer Products by 97.2% in the fourth quarter. Quadrant Capital Group LLC now owns 1,948 shares of the company’s stock worth $52,000 after acquiring an additional 960 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Reynolds Consumer Products by 26.9% during the fourth quarter. Parallel Advisors LLC now owns 2,288 shares of the company’s stock valued at $61,000 after acquiring an additional 485 shares during the period. Finally, nVerses Capital LLC purchased a new position in shares of Reynolds Consumer Products during the second quarter valued at $90,000. 26.81% of the stock is owned by institutional investors and hedge funds.

Reynolds Consumer Products Stock Performance

Shares of Reynolds Consumer Products stock opened at $32.17 on Monday. The firm has a market capitalization of $6.76 billion, a P/E ratio of 20.49 and a beta of 0.48. The business’s fifty day simple moving average is $29.93 and its 200 day simple moving average is $28.91. The company has a current ratio of 2.13, a quick ratio of 1.01 and a debt-to-equity ratio of 0.87. Reynolds Consumer Products Inc. has a 12 month low of $24.80 and a 12 month high of $32.65.

Reynolds Consumer Products (NASDAQ:REYN) last issued its earnings results on Wednesday, August 7th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.02. The firm had revenue of $930.00 million for the quarter, compared to analyst estimates of $890.71 million. Reynolds Consumer Products had a return on equity of 18.27% and a net margin of 9.74%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.32 earnings per share. As a group, analysts anticipate 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, August 30th. Stockholders of record on Friday, August 16th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend was Friday, August 16th. Reynolds Consumer Products’s dividend payout ratio (DPR) is presently 58.60%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on REYN. JPMorgan Chase & Co. increased their price objective on Reynolds Consumer Products from $29.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Barclays boosted their price objective on Reynolds Consumer Products from $28.00 to $29.00 and gave the company an “equal weight” rating in a research report on Thursday, August 8th. Jefferies Financial Group began coverage on Reynolds Consumer Products in a research note on Thursday, August 29th. They set a “buy” rating and a $38.00 price target on the stock. Canaccord Genuity Group upped their price objective on Reynolds Consumer Products from $30.00 to $32.00 and gave the company a “hold” rating in a report on Thursday, August 8th. Finally, Royal Bank of Canada upped their price objective on Reynolds Consumer Products from $31.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 8th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $32.00.

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.