Cannon Global Investment Management LLC Purchases Shares of 12,900 Reynolds Consumer Products Inc. (NASDAQ:REYN)

Cannon Global Investment Management LLC acquired a new stake in shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) in the 4th quarter, Holdings Channel.com reports. The fund acquired 12,900 shares of the company’s stock, valued at approximately $348,000.

A number of other institutional investors have also recently made changes to their positions in the company. Verition Fund Management LLC bought a new position in Reynolds Consumer Products during the third quarter valued at approximately $12,844,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Reynolds Consumer Products by 1.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 13,107,822 shares of the company’s stock worth $351,564,000 after acquiring an additional 182,353 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Reynolds Consumer Products by 758.9% during the 3rd quarter. Jane Street Group LLC now owns 167,722 shares of the company’s stock valued at $5,216,000 after acquiring an additional 148,194 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Reynolds Consumer Products in the third quarter valued at $4,397,000. Finally, Bank of New York Mellon Corp increased its position in Reynolds Consumer Products by 13.0% in the fourth quarter. Bank of New York Mellon Corp now owns 1,211,805 shares of the company’s stock worth $32,707,000 after purchasing an additional 139,576 shares during the last quarter. Hedge funds and other institutional investors own 26.81% of the company’s stock.

Insiders Place Their Bets

In related news, Director Rolf Stangl purchased 6,000 shares of Reynolds Consumer Products stock in a transaction dated Monday, February 10th. The stock was purchased at an average cost of $24.89 per share, with a total value of $149,340.00. Following the transaction, the director now owns 16,889 shares in the company, valued at approximately $420,367.21. The trade was a 55.10 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.15% of the stock is owned by company insiders.

Reynolds Consumer Products Stock Performance

Shares of Reynolds Consumer Products stock opened at $23.67 on Monday. The company has a current ratio of 2.04, a quick ratio of 0.99 and a debt-to-equity ratio of 0.79. The stock’s fifty day moving average price is $25.30 and its 200-day moving average price is $27.57. The firm has a market cap of $4.98 billion, a P/E ratio of 14.09 and a beta of 0.56. Reynolds Consumer Products Inc. has a 12 month low of $23.13 and a 12 month high of $32.65.

Reynolds Consumer Products (NASDAQ:REYN) last posted its earnings results on Wednesday, February 5th. The company reported $0.58 EPS for the quarter, meeting analysts’ consensus estimates of $0.58. Reynolds Consumer Products had a net margin of 9.56% and a return on equity of 17.14%. On average, 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 disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date of this dividend was Friday, February 14th. Reynolds Consumer Products’s dividend payout ratio (DPR) is 54.76%.

Wall Street Analysts Forecast Growth

Several research firms have commented on REYN. JPMorgan Chase & Co. lowered their price objective on shares of Reynolds Consumer Products from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Evercore ISI lowered their price target on shares of Reynolds Consumer Products from $33.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, February 6th. Royal Bank of Canada restated a “sector perform” rating and set a $32.00 price objective on shares of Reynolds Consumer Products in a research report on Monday, February 3rd. Barclays lowered their price objective on Reynolds Consumer Products from $27.00 to $25.00 and set an “equal weight” rating for the company in a research note on Thursday, February 6th. Finally, Canaccord Genuity Group cut their target price on Reynolds Consumer Products from $31.00 to $30.00 and set a “hold” rating on the stock in a research report on Thursday, February 6th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $30.38.

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.