Clearbridge Investments LLC Trims Stock Holdings in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Clearbridge Investments LLC lowered its holdings in Reynolds Consumer Products Inc. (NASDAQ:REYN) by 65.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,580,983 shares of the company’s stock after selling 3,002,944 shares during the period. Clearbridge Investments LLC owned about 0.75% of Reynolds Consumer Products worth $47,983,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Johnson Investment Counsel Inc. boosted its holdings in Reynolds Consumer Products by 1.2% in the first quarter. Johnson Investment Counsel Inc. now owns 30,455 shares of the company’s stock valued at $907,000 after purchasing an additional 370 shares during the last quarter. Deutsche Bank AG boosted its holdings in Reynolds Consumer Products by 1.1% in the second quarter. Deutsche Bank AG now owns 49,083 shares of the company’s stock valued at $1,491,000 after purchasing an additional 534 shares during the last quarter. Captrust Financial Advisors boosted its holdings in Reynolds Consumer Products by 44.3% in the first quarter. Captrust Financial Advisors now owns 4,533 shares of the company’s stock valued at $135,000 after purchasing an additional 1,392 shares during the last quarter. FORA Capital LLC purchased a new position in Reynolds Consumer Products in the first quarter valued at about $43,000. Finally, Pinnacle Associates Ltd. boosted its holdings in Reynolds Consumer Products by 2.4% in the first quarter. Pinnacle Associates Ltd. now owns 72,138 shares of the company’s stock valued at $2,148,000 after purchasing an additional 1,680 shares during the last quarter. 26.69% of the stock is owned by hedge funds and other institutional investors.

In related news, CFO Michael E. Graham acquired 2,400 shares of the company’s stock in a transaction that occurred on Friday, August 6th. The stock was purchased at an average price of $27.94 per share, for a total transaction of $67,056.00. Following the transaction, the chief financial officer now directly owns 10,359 shares of the company’s stock, valued at approximately $289,430.46. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Chris Mayrhofer bought 4,000 shares of the company’s stock in a transaction on Thursday, August 5th. The shares were acquired at an average price of $27.84 per share, with a total value of $111,360.00. Following the transaction, the chief accounting officer now directly owns 789 shares in the company, valued at approximately $21,965.76. The disclosure for this purchase can be found here. 0.05% of the stock is owned by company insiders.

A number of research firms have commented on REYN. UBS Group started coverage on Reynolds Consumer Products in a report on Wednesday, June 23rd. They set a “neutral” rating and a $32.00 target price on the stock. Citigroup lowered their price target on Reynolds Consumer Products from $35.00 to $32.00 and set a “buy” rating on the stock in a research report on Tuesday, August 3rd. Credit Suisse Group lowered their price target on Reynolds Consumer Products from $36.00 to $35.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 3rd. Zacks Investment Research upgraded Reynolds Consumer Products from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Royal Bank of Canada lowered their price target on Reynolds Consumer Products from $35.00 to $33.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 3rd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $33.63.

REYN opened at $28.46 on Thursday. The firm has a market cap of $5.97 billion, a PE ratio of 15.81 and a beta of 0.36. The business has a fifty day simple moving average of $28.19 and a 200-day simple moving average of $29.37. The company has a quick ratio of 0.93, a current ratio of 2.21 and a debt-to-equity ratio of 1.25. Reynolds Consumer Products Inc. has a fifty-two week low of $26.50 and a fifty-two week high of $32.19.

Reynolds Consumer Products (NASDAQ:REYN) last issued its earnings results on Sunday, August 1st. The company reported $0.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.01. The business had revenue of $847.00 million during the quarter, compared to analysts’ expectations of $893.53 million. Reynolds Consumer Products had a return on equity of 24.36% and a net margin of 11.34%. Reynolds Consumer Products’s revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.55 earnings per share. On average, equities research analysts anticipate that Reynolds Consumer Products Inc. will post 1.59 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 31st. Stockholders of record on Tuesday, August 17th were paid a $0.23 dividend. The ex-dividend date was Monday, August 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.23%. Reynolds Consumer Products’s payout ratio is presently 46.70%.

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 foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, plastic wrap, baking cups, oven bags, and slow cooker liners under the Reynolds Wrap, Reynolds KITCHENS, and E-Z Foil brands in the United States, as well as under the ALCAN brand in Canada and under the Diamond brand internationally.

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

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