Reynolds Consumer Products (NASDAQ:REYN) Reaches New 12-Month High at $31.88

Shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $31.88 and last traded at $31.86, with a volume of 57803 shares trading hands. The stock had previously closed at $31.48.

Wall Street Analyst Weigh In

A number of research firms have commented on REYN. Canaccord Genuity Group lifted their target price on Reynolds Consumer Products from $30.00 to $32.00 and gave the stock a “hold” rating in a report on Thursday, August 8th. Royal Bank of Canada lifted their price objective on Reynolds Consumer Products from $31.00 to $32.00 and gave the stock a “sector perform” rating in a report on Thursday, August 8th. 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. JPMorgan Chase & Co. raised their price target on shares of Reynolds Consumer Products from $29.00 to $33.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Finally, Barclays boosted their price objective on shares of Reynolds Consumer Products from $28.00 to $29.00 and gave the company an “equal weight” rating in a report on Thursday, August 8th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Reynolds Consumer Products presently has a consensus rating of “Hold” and an average target price of $32.00.

Reynolds Consumer Products Stock Up 0.3 %

The company has a current ratio of 2.13, a quick ratio of 1.01 and a debt-to-equity ratio of 0.87. The stock has a market cap of $6.85 billion, a P/E ratio of 20.56 and a beta of 0.48. The company’s 50 day moving average price is $28.91 and its two-hundred day moving average price is $28.73.

Reynolds Consumer Products (NASDAQ:REYN) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.02. Reynolds Consumer Products had a net margin of 9.74% and a return on equity of 18.27%. The business had revenue of $930.00 million for the quarter, compared to the consensus estimate of $890.71 million. During the same period last year, the firm earned $0.32 earnings per share. The company’s quarterly revenue was down 1.1% on a year-over-year basis. Equities analysts forecast that Reynolds Consumer Products Inc. will post 1.69 earnings per share for the current year.

Reynolds Consumer Products Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend was Friday, August 16th. Reynolds Consumer Products’s payout ratio is 58.60%.

Institutional Trading of Reynolds Consumer Products

Hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new position in Reynolds Consumer Products in the 2nd quarter worth $367,000. Creative Planning grew its position in shares of Reynolds Consumer Products by 6.8% during the second quarter. Creative Planning now owns 14,902 shares of the company’s stock worth $417,000 after purchasing an additional 944 shares in the last quarter. AQR Capital Management LLC raised its stake in Reynolds Consumer Products by 122.7% during the 2nd quarter. AQR Capital Management LLC now owns 1,557,835 shares of the company’s stock valued at $43,588,000 after purchasing an additional 858,419 shares during the period. Abich Financial Wealth Management LLC purchased a new position in Reynolds Consumer Products in the 2nd quarter worth approximately $54,000. Finally, Marshall Wace LLP purchased a new position in Reynolds Consumer Products in the 2nd quarter worth approximately $612,000. 26.81% of the stock is owned by hedge funds and other 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 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.