Massachusetts Financial Services Co. MA Has $1.61 Million Stock Holdings in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Massachusetts Financial Services Co. MA lowered its position in shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) by 11.6% in the second quarter, HoldingsChannel reports. The fund owned 57,457 shares of the company’s stock after selling 7,564 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Reynolds Consumer Products were worth $1,608,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in REYN. Norges Bank acquired a new stake in Reynolds Consumer Products in the fourth quarter worth about $6,924,000. Dimensional Fund Advisors LP grew its position in shares of Reynolds Consumer Products by 23.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,157,528 shares of the company’s stock worth $31,069,000 after buying an additional 218,864 shares during the period. Acadian Asset Management LLC raised its stake in shares of Reynolds Consumer Products by 994.7% during the first quarter. Acadian Asset Management LLC now owns 212,694 shares of the company’s stock worth $6,068,000 after buying an additional 193,265 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Reynolds Consumer Products by 1.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,081,988 shares of the company’s stock valued at $373,622,000 after buying an additional 190,431 shares during the period. Finally, American Century Companies Inc. boosted its stake in Reynolds Consumer Products by 188.8% in the second quarter. American Century Companies Inc. now owns 280,137 shares of the company’s stock valued at $7,838,000 after acquiring an additional 183,125 shares during the last quarter. Institutional investors and hedge funds own 26.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Reynolds Consumer Products from $29.00 to $33.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Barclays increased their target price on Reynolds Consumer Products from $28.00 to $29.00 and gave the company an “equal weight” rating in a research note on Thursday, August 8th. Royal Bank of Canada boosted their target price 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. Jefferies Financial Group initiated coverage on shares of Reynolds Consumer Products in a research report on Thursday, August 29th. They issued a “buy” rating and a $38.00 price target on the stock. Finally, Canaccord Genuity Group lifted their price objective on shares of Reynolds Consumer Products from $30.00 to $32.00 and gave the stock a “hold” rating in a research note on Thursday, August 8th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Reynolds Consumer Products has an average rating of “Hold” and an average price target of $32.00.

Reynolds Consumer Products Price Performance

Shares of REYN opened at $32.17 on Monday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.01 and a current ratio of 2.13. The firm has a market capitalization of $6.76 billion, a PE ratio of 20.49 and a beta of 0.48. The stock has a 50 day simple moving average of $29.93 and a 200 day simple moving average of $28.91. Reynolds Consumer Products Inc. has a 52-week low of $24.80 and a 52-week high of $32.65.

Reynolds Consumer Products (NASDAQ:REYN) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.02. The company had revenue of $930.00 million during the quarter, compared to the consensus estimate of $890.71 million. Reynolds Consumer Products had a net margin of 9.74% and a return on equity of 18.27%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.32 earnings per share. Sell-side analysts predict that Reynolds Consumer Products Inc. will post 1.69 EPS for the current fiscal year.

Reynolds Consumer Products Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a dividend of $0.23 per share. The ex-dividend date was Friday, August 16th. This represents a $0.92 annualized dividend and a dividend yield of 2.86%. Reynolds Consumer Products’s dividend payout ratio is currently 58.60%.

Reynolds Consumer Products 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.