Verition Fund Management LLC Invests $12.84 Million in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Verition Fund Management LLC bought a new stake in shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 413,005 shares of the company’s stock, valued at approximately $12,844,000. Verition Fund Management LLC owned about 0.20% of Reynolds Consumer Products as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of REYN. GAMMA Investing LLC lifted its stake in Reynolds Consumer Products by 510.2% during the second quarter. GAMMA Investing LLC now owns 958 shares of the company’s stock valued at $27,000 after buying an additional 801 shares in the last quarter. Versant Capital Management Inc acquired a new stake in shares of Reynolds Consumer Products during the second quarter valued at approximately $39,000. Abich Financial Wealth Management LLC acquired a new stake in shares of Reynolds Consumer Products during the second quarter valued at approximately $54,000. Capital Performance Advisors LLP purchased a new stake in shares of Reynolds Consumer Products in the 3rd quarter valued at approximately $70,000. Finally, Venturi Wealth Management LLC boosted its stake in Reynolds Consumer Products by 93.7% in the 3rd quarter. Venturi Wealth Management LLC now owns 2,561 shares of the company’s stock worth $80,000 after purchasing an additional 1,239 shares during the period. Institutional investors and hedge funds own 26.81% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on REYN shares. Jefferies Financial Group assumed coverage on shares of Reynolds Consumer Products in a research note on Thursday, August 29th. They set a “buy” rating and a $38.00 target price on the stock. Barclays dropped their price target on Reynolds Consumer Products from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Canaccord Genuity Group increased their price objective on Reynolds Consumer Products from $30.00 to $32.00 and gave the stock a “hold” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. lifted their target price 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. Finally, Royal Bank of Canada increased their price target on shares of 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. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $32.17.

Insider Buying and Selling

In related news, Director Helen Golding bought 1,190 shares of Reynolds Consumer Products stock in a transaction that occurred on Thursday, November 14th. The stock was purchased at an average cost of $27.58 per share, for a total transaction of $32,820.20. Following the acquisition, the director now owns 1,190 shares in the company, valued at $32,820.20. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Rolf Stangl bought 7,207 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were bought at an average cost of $27.25 per share, with a total value of $196,390.75. Following the transaction, the director now directly owns 7,207 shares of the company’s stock, valued at approximately $196,390.75. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.20% of the stock is currently owned by corporate insiders.

Reynolds Consumer Products Stock Performance

Shares of NASDAQ REYN opened at $27.69 on Friday. Reynolds Consumer Products Inc. has a one year low of $26.07 and a one year high of $32.65. The business’s 50-day moving average price is $28.97 and its two-hundred day moving average price is $29.06. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.04 and a quick ratio of 0.89. The company has a market capitalization of $5.82 billion, a P/E ratio of 15.82 and a beta of 0.50.

Reynolds Consumer Products (NASDAQ:REYN) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The firm had revenue of $910.00 million during the quarter, compared to analyst estimates of $902.88 million. Reynolds Consumer Products had a return on equity of 18.27% and a net margin of 10.03%. The company’s quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.37 EPS. Analysts anticipate that Reynolds Consumer Products Inc. will post 1.69 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, November 29th. Investors of record on Friday, November 15th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend was Friday, November 15th. Reynolds Consumer Products’s payout ratio is presently 52.57%.

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.