Reynolds Consumer Products (NASDAQ:REYN) Price Target Raised to $29.00 at Barclays

Reynolds Consumer Products (NASDAQ:REYN) had its target price hoisted by Barclays from $28.00 to $29.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other research firms have also recently commented on REYN. Canaccord Genuity Group increased their target price on Reynolds Consumer Products from $30.00 to $32.00 and gave the company a hold rating in a research note on Thursday. JPMorgan Chase & Co. increased 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. Six investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Reynolds Consumer Products currently has a consensus rating of Hold and a consensus price target of $31.00.

Reynolds Consumer Products Price Performance

Shares of Reynolds Consumer Products stock traded up $0.08 during trading on Thursday, hitting $30.14. The stock had a trading volume of 526,970 shares, compared to its average volume of 536,693. The firm has a market cap of $6.33 billion, a price-to-earnings ratio of 19.15 and a beta of 0.47. Reynolds Consumer Products has a 12 month low of $24.80 and a 12 month high of $31.01. The business’s 50-day moving average is $27.93 and its 200 day moving average is $28.31. The company has a current ratio of 2.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.92.

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. The firm had revenue of $930.00 million for the quarter, compared to analysts’ expectations of $890.71 million. Reynolds Consumer Products had a net margin of 8.88% and a return on equity of 17.09%. The business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 earnings per share. As a group, sell-side analysts anticipate that Reynolds Consumer Products will post 1.66 earnings per share for the current year.

Reynolds Consumer Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be paid a dividend of $0.23 per share. The ex-dividend date is Friday, August 16th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.05%. Reynolds Consumer Products’s dividend payout ratio (DPR) is currently 58.60%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its stake in shares of Reynolds Consumer Products by 1.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,081,988 shares of the company’s stock valued at $373,622,000 after buying an additional 190,431 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Reynolds Consumer Products by 0.5% during the first quarter. Vanguard Group Inc. now owns 5,663,147 shares of the company’s stock valued at $161,739,000 after buying an additional 29,838 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Reynolds Consumer Products by 17.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,781,815 shares of the company’s stock valued at $49,859,000 after buying an additional 261,513 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Reynolds Consumer Products by 7.1% during the second quarter. Bank of New York Mellon Corp now owns 1,006,647 shares of the company’s stock valued at $28,166,000 after buying an additional 66,826 shares during the last quarter. Finally, TD Asset Management Inc grew its stake in shares of Reynolds Consumer Products by 6.6% during the second quarter. TD Asset Management Inc now owns 624,200 shares of the company’s stock valued at $17,465,000 after buying an additional 38,600 shares during the last quarter. 26.81% 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 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.