Zacks Investment Research upgraded shares of Reynolds Consumer Products (NASDAQ:REYN) from a hold rating to a buy rating in a report issued on Saturday morning, Zacks.com reports. The firm currently has $33.00 price objective on the stock.
According to Zacks, “Reynolds Consumer Products Inc. is a consumer branded and private label products company. It produces and sells branded and store-brand products which includes cooking products, waste & storage products and tableware. The company’s flagship products include Reynolds Wrap(R) aluminum foil, Hefty(R) bags, and Hefty(R) party cups. Reynolds Consumer Products Inc. is based in Lake Forest, Illinois. “
Other equities analysts have also issued reports about the company. Smith Barney Citigroup dropped their price target on Reynolds Consumer Products from $41.00 to $35.00 in a research note on Thursday, November 12th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lowered their price objective on Reynolds Consumer Products from $41.00 to $35.00 in a research note on Thursday, November 12th. BidaskClub lowered Reynolds Consumer Products from a hold rating to a sell rating in a research note on Friday, October 23rd. Finally, ValuEngine lowered Reynolds Consumer Products from a hold rating to a sell rating in a research note on Tuesday, November 10th. Two analysts have rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. Reynolds Consumer Products presently has a consensus rating of Buy and an average price target of $36.00.
NASDAQ:REYN opened at $29.86 on Friday. The company has a current ratio of 2.81, a quick ratio of 1.82 and a debt-to-equity ratio of 1.63. Reynolds Consumer Products has a 12-month low of $21.61 and a 12-month high of $36.00. The stock has a 50-day moving average price of $30.29 and a 200 day moving average price of $32.51. The stock has a market capitalization of $6.26 billion and a P/E ratio of 20.59.
Reynolds Consumer Products (NASDAQ:REYN) last released its earnings results on Monday, November 16th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.05. The business had revenue of $823.00 million for the quarter, compared to analysts’ expectations of $796.96 million. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. On average, research analysts predict that Reynolds Consumer Products will post 1.94 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Monday, November 16th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, November 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.95%. Reynolds Consumer Products’s payout ratio is 60.69%.
In related news, Director Gregory Alan Cole bought 3,000 shares of the company’s stock in a transaction dated Monday, November 16th. The stock was bought at an average price of $29.81 per share, with a total value of $89,430.00. Following the transaction, the director now owns 3,000 shares of the company’s stock, valued at $89,430. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO V Lance Mitchell bought 16,500 shares of the company’s stock in a transaction dated Monday, November 16th. The stock was bought at an average cost of $29.86 per share, with a total value of $492,690.00. Following the transaction, the chief executive officer now directly owns 16,500 shares in the company, valued at approximately $492,690. The disclosure for this purchase can be found here.
Several institutional investors and hedge funds have recently added to or reduced their stakes in REYN. Public Employees Retirement System of Ohio grew its position in shares of Reynolds Consumer Products by 5.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 19,374 shares of the company’s stock valued at $593,000 after buying an additional 1,060 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Reynolds Consumer Products during the 3rd quarter valued at about $384,000. California State Teachers Retirement System grew its position in shares of Reynolds Consumer Products by 1.8% during the 3rd quarter. California State Teachers Retirement System now owns 84,387 shares of the company’s stock valued at $2,584,000 after buying an additional 1,455 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Reynolds Consumer Products during the 3rd quarter valued at about $485,000. Finally, Kiwi Wealth Investments Limited Partnership bought a new stake in shares of Reynolds Consumer Products during the 3rd quarter valued at about $4,138,000. 26.16% of the stock is owned by institutional investors.
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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